Yesterday, Mrs. F, an old client in Coconut Creek, came in with her daughter.. She hadn’t been in for almost 20 years. Her husband, 91 years old, was ill and homebound and she needed to access an account with only his name. Apparently she tried to use her “old” durable power of attorney for her husband at her bank. The bank would not take it because it was done before the 2011 law changes. This I understand
(What I don’t understand is that even with the husband in the car right outside the bank, they wouldn’t accommodate him by coming outside, but I digress).
This is an example of why we need to revisit our estate plan. Like everything in life, things change. We age, kids marry, the laws change etc etc. Estate plans aren’t and have never been intended to be “permanent”. Of course we make them as future oriented as possible but we can’t help life and change getting in the way.
Usually people come back when there is an “event”. Someone gets sick, needs long term care services, dies, moves, has more grandchildren, inherits money, divorces etc. But even for those who may not think they have a reason to come back, we suggest a visit every 5-10 years. In this way we can discuss whether your goals have changed, whether the appropriate laws have changed and make sure that what you did 7 years ago still works.
Mrs. F. Is a perfect example. The 2011 changes in the durable power of attorney laws didn’t make the old ones “bad”. But financial institutions won’t accept them. To make sure we don’t have problems in the future for your or your family, get a checkup!
