Does your Power of Attorney need to be updated?
Here are some specific things to check:
- Is your designated agent still the person you choose to act in that capacity? Similarly, is your designated agent still able to serve in that capacity?
- If you have not designated an alternate, do want to do that now?
- If you designated co-agents, is there language to address whether they must act jointly to whether they may act independently? Recent changes to the statute create a presumption that co-agents may act independently, unless the document says otherwise.
- Does your Power of attorney give enough authority to your agent so that they can act in a way that will meet your needs? Similarly, if there are things you do not want your agent to be able to do, does the language in your Power of Attorney provide the proper restrictions?
- Does your Power of Attorney address whether your agent may be reimbursed for their expenses and whether they may be compensated for service as your agent? If you don’t provide instructions, the agent may be entitled to reasonable compensation under the circumstances, depending upon when your Power of Attorney was executed.
- Where was your Power of Attorney signed? Does it contain language that specifies where it was signed? If you want your agent to have the authority to sign home equity loan documents on your behalf, your Power of Attorney must have been signed in the office of a lawyer, the lender or a title company and it must contain language stating where it was signed. Arguably, this rule applies to home improvement loans as well.
- This is not an inclusive list of reasons why your Power of Attorney may need to be updated. Please call to schedule an appointment with one of the attorneys at Waldron & Schneider for a review of your current Power of Attorney and to discuss whether it needs to be updated at this time.The legal information in this blog entry is not intended to be a substitute for seeking personalized legal advice from an attorney licensed to practice in your jurisdiction. Further, nothing contained in this article is intended to create an attorney-client relationship with any reader. This article and website are made available by Waldron & Schneider for educational purposes only and to give basic information and a general understanding of the law, not to provide specific legal advice. By using this website you understand that there is no attorney client relationship between you and Waldron & Schneider. The article and website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. For more information or questions you can contact us and one of our attorneys will be in touch soon.