When and How to Update This Document
Once you have a power of attorney, what do you do with it? Place the document where all your key papers are—including your will, your living will, life insurance policies and retirement plan documents, etc.
It is key to tell the important people in your life what you've done and where you've put these papers. Even if you leave the originals with your attorney, he or she may move, or the files might be destroyed in an office flood or computer crash.
Make sure your power of attorney is durable. That's what makes the document continue to be valid and enforceable even after the person making it becomes incompetent or incapacitated.
When to Update the Document
Your document should name an agent of your choosing to act on your behalf, as well as a second person to fill that role if your first choice is unavailable. If either of your named agents is no longer available for any reason, it's time to have your document updated by your estate planning attorney to include a replacement.
Please contact Lori L. Hoby at (866) 204-8102 or firstname.lastname@example.org to learn how a gift to Willamette University can fit into your overall estate plans.