Spencer Law Firm LLC
717.207.7935 866.639.5451

Does a Power of Attorney Really Work? (Part III)

What can you do to make sure your power of attorney will be honored?

Ask your bank, brokerage house, IRA or other retirement plan provider, and insurance companies if they will honor your power of attorney and ask for their response in writing. If they say they will only honor powers of attorney on their own forms, obtain copies of those forms and provide them to your attorney to make sure they are completed properly.

Make sure that your power of attorney is renewed periodically; I suggest every five years, to make sure it will not be considered "stale" by third parties asked to rely on it. If you spend your time in various states, set up durable powers of attorney that comply with the state laws in each place. Financial institutions are supposed to honor out-of-state documents but if you are dealing with a bank teller, he might not recognize and be willing to accept an out-of-state document.

Consider requiring consent from other persons, perhaps your other children, when the agent appointed in the power of attorney wants to undertake big financial moves such as selling your residence or making large gifts.

Consider setting up a revocable inter-vivos trust to provide for the management of assets during a period of incapacity or disability in case the power of attorney approach breaks down and third parties will not accept the agent's authority.

Don't forget to connect with me on Facebook, Twitter, Google+ or LinkedIn for more estate and tax information and news. (Icons to your left!)

Until next week,
- Patti Spencer 

No Comments

Leave a comment
Comment Information

We’d Like to Hear From You

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Contact Information

Spencer Law Firm LLC
320 Race Ave
Lancaster, PA 17603

Toll Free: 866-639-5451
Phone: 717-207-7935
Lancaster Law Office Map

  • MS Logo The American College of Trust and Estate Counsel
  • Super LawyersAV Peer Review Rated
  • fig | figmagazine.com