How Often Should I Update My Durable Power of Attorney?

If you already have a durable power of attorney (DPOA), you may think you are done and never have to worry about it again. While that may be the case, we often recommend you review your durable power of attorney at least every three to five years. It is also important to review it (and potentially update it!) after major life events, such as a marriage, divorce, or death in the family.

What is a Durable Power of Attorney?

A durable power of attorney is a legal document that appoints an agent to take actions on your behalf. These actions can vary, but typically include myriad financial transactions, such as accessing bank accounts and managing real estate property.

Review Your Durable Power of Attorney Every Three to Five Years

Once you have your DPOA drafted, you should review it every three to five years. This will help ensure that it is up-to-date and matches your current wishes. You may have appointed a close friend to act as your agent (or an alternate agent) but you haven’t spoken to that person since shortly after you executed the DPOA. It is likely a smart idea to revise your DPOA so that person can no longer take action on your behalf.

You may have also appointed a parent who unfortunately has passed since the document was drafted. You will want to consider a new agent to take their place, so that your durable power of attorney retains its value and legitimacy. The parent that you previously named may also be getting older and not as “sharp” as they once were. You want to always make sure that your appointed agent is a trustworthy financial steward.

Review Your Durable Power of Attorney After Major Life Events

You should also review your durable power of attorney after major life events. A major life event would include: the birth of a child, death of a child, a new marriage, a divorce, drafting or updating other estate planning documents (like a will or trust), and just changes in your personal wishes and preferences.

For example, if you get divorced and your now ex-spouse is your agent under your DPOA, you may want to update it so he or she can no longer take action on your behalf. On the flip side, if you are newly married, you may want to name your new spouse as your agent instead of your current agent, who may be a parent, sibling, or friend.

Jacksonville Estate Planning Attorney

If you are in Florida and are interested in updating your durable power of attorney or estate plan, contact us today. If you are ready to get started on your Florida estate plan, you can do so here.