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10 Mistakes People Make with Power of Attorney

Establishing power of attorney is key to preserving your well-being and financial assets in the event you become incapacitated. However, if done incorrectly, it could create significant complications and stress for you and your loved ones. Here are the top 10 mistakes you and your loved ones must avoid when establishing power of attorney, and the common power of attorney problems that result.

Failing to Establish a Durable Power of Attorney

Older powers of attorney are typically not “durable” unless explicitly stated, and most of them use old words and phrases such as “attorney in fact,” which can complicate the process. Failure to establish a durable power of attorney could create problems for the person who holds power of attorney throughout the period of your incapacitation.

Insufficient Instructions

Many powers of attorney are too simple or too “skimpy” to be actionable when the time comes. Your power of attorney should always be thoroughly constructed and fit to address modern financial challenges.

Not Enough Standby Agents

Failure to establish multiple standby agents could result in you or your loved one being given a court-appointed guardian in the event your first choice is not able to fulfill their duties.

No Gifting Provisions Included

Agents are tasked with preserving, investing, and growing the assets which, they are tasked with overseeing. Making gifts may become necessary when it comes to taxes and Medicaid, but agents cannot do so unless there is specific language in the Power that permits it.

Not Allowing an Agent to Step in at the Right Time

In many cases, the Power gives the agent the authority to step in immediately, even when you are completely able to manage your own assets.

Let Us Help You With Your Power of Attorney

The best way to ensure your POA is clear, enforceable, and actionable is to put it together with the help of an experienced estate & elder law attorney in Ozaukee County. At Kitzke & Canfield LLC, we have the in-depth knowledge and experience necessary to help you craft a Power of Attorney that will work for you. Connect with a member of our team as soon as possible to schedule a consultation.

Call us at (262) 387-0706 today.