Estate planning has many “fine points”, and there is one detail too often overlooked. It is a good idea to recertify a Durable Power of Attorney that is more than 60 days old.
Why? Well, financial institutions and insurers often regard DPOAs more than 60 days old as “stale” or invalid.1,2
If you present a POA that your parent signed months or years ago to a bank, brokerage or insurance company, it may request that you get an attorney to recertify the document. Alternatively, the brokerage, bank or insurer may ask you to fill out its particular DPOA form as a replacement.1
Families, attorneys and CPAs need to be aware of this detail. If you have questions surrounding this matter or other matters pertaining to family wealth, call me or email me today.
- www.law-business.com/powers-of-attorney [7/31/12]
- online.wsj.com/article/SB10001424052748704681904576315662838806984.html [6/14/11]