Last week, I described the two instances where you should have your estate planning documents reviewed or updated. In thirty days, one of those instances will be upon us. It is usually a good idea to have your estate planning documents reviewed when there has been a change in the law. Earlier this year, the Georgia Legislature enacted the Uniform Power of Attorney Act which will become effective on July 1, 2017.
The Act is designed, among other things, to force third parties, such as banks, to accept and honor a power of attorney. Additionally, it is designed to protect people from bad agents who misuse the power of attorney and try to hurt the people they are supposed to help.
Powers of attorney which were created prior to July 1, 2017 will continue to be valid if they were valid at the time they were executed. But, if you have one that was created before July 1, 2017, it is a good idea to execute a new one especially if the power of attorney is more than a few years old. Updating your power of attorney will also make it more likely that the bank will honor it since the banks will be more familiar with the new forms as time goes on.
Estate planning is not "set-it-and-forget it." Changes in your family circumstances or changes in the law can change the effectiveness or intent of your estate planning. If you'd like to discuss these issues and have your plan set up the right way, the first time, call us at (678) 809-4922.
John P. Farrell, Esq.
Mr. Farrell is the author of Estate Planning for the Modern Family: A Georgian's Guide to Wills, Trusts, and Powers of Attorney. You can learn about his book here and learn more about John here. Join the more than 1,500 people who subscribe to his Newsletter here. Feel free to send John a message here.
