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But I Have Power of Attorney
Posted by: Abby Meares
March 29, 2011

Haller & Colvin attorneys Stephen E. Lewis and Melanie L. Farr explain the importance of reviewing your power of attorney forms and executed medical directives. 

BUT I HAVE A POWER OF ATTORNEY

If you have previously signed a Power of Attorney or executed medical directives giving authority to someone to make decisions for you, there are several reasons why you should consider having Haller & Colvin review the document and your current circumstances to determine if new documents would be advisable.

Time. Just like automobiles, investments and Wills, circumstances change over time and things become outdated. A Power of Attorney document signed more than 5 years ago is frequently not accepted by financial institutions. There is a document which may be prepared by Haller & Colvin to verify the existence of an older Power of Attorney and make it acceptable. However, it comes with a cost, just like a new Power of Attorney document.

Changes in the Law. Since 2005, there have been significant changes in Indiana law which affect who may plan your funeral (extremely important in blended families and subsequent marriages), changes which allow the attorney-in-fact named in the Power of Attorney document to plan for Medicaid and make transfers to avoid probate.

Funeral Declaration. Indiana law now provides for a funeral declaration that allows you to name a specific person to plan your funeral or allows you to identify your wishes with reference to your funeral.

To make sure you have the most up-to-date information in your Power-of-Attorney documentation, call one of our Estate Planning team members.

The contents of this blog post are intended for general information purposes only and should not be construed as legal advice.

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