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DAL Law Firm: How to Update Your Power of Attorney

Introduction

Life is full of changes—whether it is a new relationship, a move, or a shift in your financial situation. If you have created a Power of Attorney, these changes might mean it is time to update the document. Keeping your Power of Attorney current ensures your wishes are followed and the right person is in charge when you need them most. Here is how to update your Power of Attorney step-by-step.

When Should You Update Your Power of Attorney?

Consider updating your Power of Attorney if:

  1. Your Agent Changes: Your current agent is no longer able, willing, or suitable to act on your behalf.
  2. Life Events Occur: Major life events such as marriage, divorce, or the birth of a child might require adjustments.
  3. Your Wishes Evolve: You may want to change the scope of authority or add alternate agents.

Steps to Update Your Power of Attorney:

  1. Review Your Current Power of Attorney: Understand the existing terms and identify what needs to change.
  2. Consult an Estate Planning Attorney: An attorney ensures your updates comply with current state laws and avoid unintended consequences.
  3. Create a New Power of Attorney: Draft a new document that reflects your updated wishes. Powers of Attorney cannot be “edited”; a new document must replace the old one.
  4. Revoke the Old Power of Attorney: Formally revoke the outdated document in writing and notify your previous agent(s), financial institutions, and other relevant parties.
  5. Distribute the New Power of Attorney: Share copies of the updated document with your new agent(s), attorney, and anyone else who might need it.

Tips for Keeping Your Power of Attorney Up-to-Date:

  • Periodic Reviews: Review your Power of Attorney every three to five years or after major life events.
  • Clear Communication: Discuss changes with your agents to ensure they are prepared to act.
  • Store Securely: Keep your updated Power of Attorney in a safe, accessible location, and inform trusted individuals where it is stored.

Conclusion

Updating your Power of Attorney is an essential part of maintaining control over your financial and healthcare decisions. By regularly reviewing and revising the document, you can ensure it reflects your current wishes and circumstances. 

If you would like to consult with our office regarding our services, we would be happy to assist you! Our telephone number is (206) 408-8158.

You can also learn more about our services by visiting our website:

https://www.dallawfirm.com

Or visit our YouTube channel here: https://www.youtube.com/@dallawfirm.

Contact us:

19803 1st Avenue S.
Suite 200
Normandy Park, WA 98148

T (206) 408-8158
F (206) 374-2810

 

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