Update Power of Attorney: When and How to Make Changes

As life changes, so do your estate planning needs. A power of attorney (POA) is a legal document that grants someone else the authority to make decisions on your behalf. However, life events such as marriage, divorce, or a change in your financial situation may require you to update your POA. In this guide, we'll explore when and how to update your power of attorney.

Why Update Your Power of Attorney?

There are several reasons why you may need to update your POA:

• You've experienced a significant life change, such as marriage, divorce, or a new child.
• Your financial situation has changed, and you need to adjust your POA to reflect your new circumstances.
• You've moved to a new state or country, and your POA needs to be updated to comply with the new jurisdiction's laws.
• You've become incapacitated or disabled, and your POA needs to be updated to reflect your new circumstances.
• You've changed your mind about who you want to make decisions for you.

When to Update Your Power of Attorney?

The timing of updating your POA depends on your specific circumstances. However, here are some general guidelines:

• Update your POA within 30 days of a significant life change, such as marriage or divorce.
• Update your POA within 60 days of a change in your financial situation, such as a new job or a significant increase in your income.
• Update your POA within 90 days of moving to a new state or country.
• Update your POA as soon as possible if you've become incapacitated or disabled.

How to Update Your Power of Attorney?

To update your POA, follow these steps:

1. Review your existing POA to determine if it needs to be updated.
2. Consult with an estate planning attorney to discuss your specific circumstances and determine if an update is necessary.
3. Complete a new POA form, which can be obtained from an estate planning attorney or online.
4. Sign the new POA form in the presence of a notary public.
5. File the new POA form with the appropriate authorities, such as your state's department of motor vehicles or your bank.

Conclusion

Updating your power of attorney is an important part of estate planning. By following the guidelines outlined in this guide, you can ensure that your POA remains valid and effective in the event of a significant life change or incapacitation.