Estate planning lawyer Jeff Fouts discusses why updating your financial power of attorney is important and when you should start updating.
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In today’s video I’m sharing a story about a client and her son who had an interaction with the bank, and the bank would not listen to them. Many times this deals with an outdated power of attorney. It is extremely important that you keep your documents updated. Even if your documents may have been good five years ago, you need to come in and maybe have them redone, especially financial power of attorney. That five year time period is real. Once your financial power of attorney is three and a half years old, you need to talk about getting it done. Don’t even wait five years because banks won’t honor it.
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Jeff Fouts is a triple licensed attorney and member in good standing of the State Bar of Georgia (since 1993), and a registered investment advisor to assist clients with their financial planning. Jeff has served clients in all 50 states, and 29 foreign countries, and been admitted to all Georgia courts, the U.S. Supreme Court and U.S. Tax Court.
If you are thinking about estate planning, it probably means two things: you have some assets and you have one or more people to whom you’d like to leave them to. Every day, people who are smart in every other respect, go around giving little thought for quality estate planning. I’m here to help with estate planning advice, tax tips, asset protection tips, and retirement planning.
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0:00 Updating Your Power of Attorney
1:04 Story of Previous Client with Power of Attorney
4:02 Asset Protection & Free Consultation