Effective estate planing includes a will or living trust along with a community property agreement, living will or health care directive, and a power of attorney. Many people put off estate planning until something alarming happens such as dementia, Alzheimer’s disease, or some other debilitating accident or injury.
Some delay because they just don’t like lawyers! Others delay because they believe it is too expensive. Some don’t want to face the fact that they may die someday, while others just don’t believe it is important until it is urgent.
Another not so obvious reason I have noticed for delay in estate planning is an elderly parent’s perception that they will lose control and be taken advantage of. This concern usually arises as a person ages and experiences dementia or Alzheimer’s disease and disagrees with their care provider and the use of their money. When the care provider is a family member, hard feelings often follow. This concern however, should not prevent a person from having a proper power of attorney in place as soon as possible.
Let me explain why, and then allow me to explain how a person can revoke a power of attorney if any concerns arise. A general durable power of attorney survives your incapacity, making it possible for your loved ones to care for you without involving the court system. The alternative to a general durable power of attorney is an expensive and sometimes distressing guardianship and conservatorship which usually causes hard feelings among family members.
I advise getting a general durable power of attorney as soon as you become aware of its usefulness and as family circumstances change. Don’t hesitate to revoke the power of attorney and replace it with another one to meet your changing needs.
Revoking a power of attorney simply requires that the person sign and have notarized a revocation of power of attorney and present it to the attorney-in-fact, or agent. The document should be mailed by certified mail to the agent so as to provide proof of the revocation. The revocation may also be hand-delivered to the agent who should sign a receipt acknowledging that they received it. A copy should be retained by the person revoking the power of attorney.
Knowing that you can revoke a power of attorney, and knowing that incapacity happens when we least expect it, there should be no more reason for delay in preparing a power of attorney as well as the other estate planning tools mentioned above.
If you would like to receive a free general durable power of attorney and a free health care directive, you are invited to attend our free estate planning workshop (https://simplylegal4u.com/nukf) presented by Walker Law Office (www.walkerlawonline.com) scheduled for October 16, 2014, at 7 PM. The workshop will be held at the Vendome Events Center in Weiser, Idaho.
Delton Walker
