The Complete Book of Wills, Estates & Trusts by Alexander A. Bove Jr. Jr. Esq. Esq

Author:Alexander A. Bove, Jr., Jr., Esq., Esq.
Language: eng
Format: epub
Publisher: St. Martin's Publishing Group

WHERE TO KEEP YOUR POWER OF ATTORNEY

While many people who do not leave their original documents with their attorney are inclined to keep them in a safe-deposit box, it is generally not a good idea to keep your durable power of attorney there. As noted repeatedly, the durable power is the key to dealing with assets and avoiding probate on your incompetence or incapacity. If the document is safely locked away in a safe-deposit box and you become incapacitated, your named attorney-in-fact (or the successor) may not have access to the box, and therefore the document will be useless, at least until access can be obtained. In general, it is a good idea to have your attorney store the durable power of attorney document (most law firms have facilities for the safekeeping of original documents) along with the instructions described above under “Springing Powers” to deliver the document to your attorney-in-fact at the appropriate time. This will avoid the unnecessary hassle, delay, and expense of dealing with the bank (or the court) to get access to the safe-deposit box.

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