Great question. First, let me tell you that I believe your general durable power of attorney is the most important part of your estate plan. I want you to assume you are physically here but mentally gone (a simple definition of incapacity). If you need help with your finances, or if you want to protect your life savings from the nursing home and can’t do it yourself, your power of attorney must contain specific provisions to allow someone else to do these things for you. Unfortunately, we deal with old (and bad) powers of attorney all the time, and those powers of attorney will limit what we can do to manage your assets or protect your life savings if you are incapacitated. There are specific provisions missing from many old powers of attorney, so I recommend reviewing them every two years to make sure they still meet your objectives.
If you would like your power of attorney review at no cost, please email me at [email protected] or call (517) 548-7400.
Glenn Matecun is a partner with the law firm of Matecun, Thomas & Olson, PLC in Howell. He is an elder care and special needs attorney, and is an Accredited Attorney by the Department of Veterans Affairs. He answers readers’ questions on legal matters affecting individuals, their families and their businesses. Email questions to [email protected], or if your question is urgent, call (517) 548-7400. Visit us at www.mtolaw.com. The information in this column is not intended as legal advice.