Do You Need to Update Your Power of Attorney?
By Angela M. Ward, Attorney
The law with requirements for this document changed in 2015 and it may be prudent to update now! A Power of Attorney is the document that allows you to identify another person to act as your agent, to take care of anything for you that may be needed should you be unable to take care of things for yourself. Consider the scenario where you are injured and in a coma. Who pays bills, who makes medical decisions, etc. until you are once again able?
A Power of Attorney, a Last Will and Testament and a Health Care Directive (also known as a Living Will), are the main components of an effective estate plan that will ensure that your wishes are carried out. You should update your estate plan as your life changes. In addition, an estate plan should be updated when the law about those documents changes.
POAs Dated Before 2015 may be Deemed Deficient
Effective January 1, 2015, the form and content necessary for a valid and enforceable Power of Attorney was changed by the Pennsylvania General Assembly. A Power of Attorney dated prior to 2015 is not invalidated by the new law, but many entities such as banks, investment firms, and other financial companies have been known to reject Power of Attorney documents that do not meet the new law’s requirements or that they deem deficient. Having a Power of Attorney that satisfies all of the requirements of the 2015 law can ensure that you have an enforceable document.
Update Your Power of Attorney
If you want to update your Power of Attorney or have any questions whatsoever about your Will and/or Living Will, Healthcare Directive or any other matter involving your estate plan, please email us or call Going and Plank at 717-392-4131.