Although the law doesn’t require re-signing, the individual or organization that’s presented with a power of attorney may have its own policy – it may not accept or honor a power of attorney that’s older than a certain length of time.
For example, you may be named in a power of attorney by some relative or friend to allow you to assist that individual with his or her banking needs. Even if the power of attorney at issue meets all the legal requirements, their bank may have an internal policy that it won’t honor any estate plan document that’s dated 10 years, or some other length of time, prior to the date. The bank’s policy may create problem, especially if the grantor of the power of attorney is in poor physical or mental health and can’t sign a new power of attorney.
Learn more about how to revise your estate plan documents after a long period of time here.
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If you’re interested in learning more about estate planning, please contact estate planning attorneys in Ann Arbor at 734-665-4441.
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