What questions should you ask your lawyer when preparing a financial POA document? Here are ten questions to get the conversation started:
- Should I name agents to serve as POA jointly, separately, or in a specific order?
- How many “back-ups” should I have in case my first named POA is deceased or otherwise unable or unavailable to act on my behalf?
- Should I include powers that permit estate planning or Medicaid planning to protect assets from nursing home costs? What are the risks and potential benefits of including this authority?
- Should the POA be effective immediately, or should it be a “springing POA” that only takes effect upon my incapacity?
- Can my agent “take over” and sell my house or other assets against my wishes? I don’t want to lose control, how to I make sure things are done properly?
- Are there any safeguards or “checks and balances” that I should include in the POA? When should I limit my agent’s authority.
- Is my agent accountable to anyone? Should I require my agent to provide copies of financial statements to certain people?
- Should I lower the “standard of care” to reduce my agent’s risk of personal liability for taking on the responsibility of serving as my POA?
- When should I give my agent a copy of the POA? Where should I keep the original POA document?
- Going forward, how often should I update my POA?
Disclaimer: We recommend that you receive legal advice from an estate attorney so your estate planning documents are prepared properly and in accordance with Pennsylvania law. If you wish to secure our estate planning services, please click here and we would be pleased to assist.
