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There are times when you need to revoke the power of attorney you granted someone in the past.
A few weeks ago, we talked about some of the reasons people have for revoking a power of attorney (POA). Now, let's talk about the right way to revoke a POA -- because this isn't something you want to get wrong.
You took a smart step and gave a trusted relative or friend your health care power of attorney -- which is excellent.
But, did you sit down and discuss exactly what your wishes are?
In modern-day America, blended families are common. In fact, the U.S. Census Bureau reports that more than half of American families are the result of remarriages. There are a whopping 1,300 stepfamilies created each day in this country.
Unfortunately, the emotional bonds created by a loving step-relationship don't translate well in the legal arena. A lot of seniors who have blended families may have serious concerns when it comes to crafting their estate plans.
A power of attorney (POA) grants someone the power to act on your behalf, with all of the decision-making capability that you normally have. POAs can be drafted for both medical and financial concerns and are often used by people to manage the affairs of their relatives once those relatives are no longer able to manage things on their own.
When you grant someone your power of attorney, you retain the right to revoke that authority as long as you are competent -- and there are often good reasons to do so. Here are a few:
If you are in the difficult situation where you need to disinherit someone, it can be difficult to know where to start. This decision can significantly impact your family and you should not make it lightly. With the help of a legal and financial advisor, you can ensure that your estate goes to the right place.
People can end up needing guardians for all kinds of reasons. An accident could leave your sibling with a head injury that impairs his cognitive skills and puts him in a nursing home. Your mother may develop dementia toward the end of her life and no longer be able to make her own decisions. You may be asked to take on the responsibility for a young niece who suffers from an intellectual disability if her parents pass away.
Before you become anyone's legal guardian -- no matter how close your relationship or good your intentions -- you need to make certain you're ready for the responsibilities. Here are some questions you need to ask yourself before you decide:
A medical power of attorney takes your healthcare decisions out of your own hands and gives them to someone else. You pick that person and name them in the document. Many people choose their adult children, for instance, or someone else they can trust to make decisions with their best interests in mind.
You need this because there is always the chance that you will not be able to make these decisions on your own in the future. You can do so right now, but it's unwise to assume that will last or to decide you'll just take care of it at a later date. You never know what the future holds.
If you've been named the executor of someone's will, the responsibility you've suddenly been handed may feel overwhelming at first. You can use these guidelines, however, to better understand what's expected and how you need to proceed.
Here's how to start:
A handwritten will, known as a "holographic" will, is generally legal in Colorado -- as long as the document meets certain requirements.
If you're curious about whether or not a handwritten will can hold up in court, here's what you need to know:
When you're contemplating end-of-life issues and your final wishes, it's important to watch out for some painfully common mistakes.
Here are the worst estate planning mistakes we see:
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