Washington Estate Planning Law Blog : Washington Estate Planning Lawyer & Attorney : John Hugg Law Firm : WA Elder Law, Wills, Trusts : Seattle, Woodinville, Bellevue

The Wall Street Journal recently ran an article about Durable Powers of Attorney and their potential for abuse. The article set out several recommendations to ensure your Power of Attorney will be honored and adhered to, as well as tips to minimize the potential for fraud. Among the recommendations:

• Use different Power of Attorney documents for the different states in which you may reside;
• Require regular reporting of financial transactions and investments to remaining family members;
• Have all children agree or consent to certain major financial decisions;
• Check with your bank or other financial institution to make sure the form will be honored; and
• Limit access or the original Power of Attorney document.

Given the potential for abuse in this area, it is almost always a good idea to build in more safeguards than less.
 

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An increasingly important aspect of a person’s financial life is that many people now receive and pay bills online and/or through email. Similarly, bank, brokerage and retirement accounts may also be maintained and accesses electronically. A bill may come via email and if an executor or attorney-in-fact does not know the password access may be difficult if not impossible to gain. Even worse if you cannot check a person’s email, you may never know an account exists. It is now increasingly important for people to maintain a list in of online business activities and the passwords that correspond with those activities. Such a list will go a long way toward helping your family administer your affairs if you are unable, or after you pass on.

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Happy New Year! On January 11, 2010, between 11:00 a.m. and noon, I will be conducting a class at the Kenmore Senior Center entitled “Are Your Affairs In Order?” We will cover all aspects of Wills, Trusts, Powers of Attorney and Living Wills. 

Also, on January 19, 2010, I will lead a roundtable discussion on End of Life issues at this month’s Bothell Chamber Senior Resource Committee meeting. The discussion will center on Durable Powers of Attorney, Living Wills, POLST and DNR forms. Please see the Bothell Chamber Website for the time and location.  Please contact us if you are interested in attending either of these presentations.
 

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