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.
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.