The Importance of Having and Reevaluating Powers of Attorney

In this brief clip from our Wine & Wills Virtual Happy Hour held on July 21, 2020, Long-Term Care Planner Kristin Daugherty explains not only the importance of having a Powers of Attorney, but also the importance of periodically reevaluating what is in them to adapt to any unforeseen or expected changes in personal of family circumstances. She touches on potential consequences of not having a POA written correctly, including giving an example of one spouse becoming medically incapacitated and the other not being able to protect their jointly-held assets, such as a house, from the cost of medical care, if a financial POA isn't done correctly. At the end, Attorney Landon Hodges explains the process of what happens if you don't have a POA (or one that isn't done correctly), and the long, complicated and often expensive process of setting up a guardianship, which requires legal proceedings in a court of law. This is the second in a series of seven brief informational audio clips taken from this same event, which will be dropped on this podcast channel one per day for seven straight days from Aug. 15-21, 2020.If you'd like to attend our next Wine & Wills Virtual Happy Hour on Sept. 1, 2020, from 4-6 pm, register online using the link below, call 1-800-351-8334 or email [email protected]://www.paeldercounsel.com/register-for-a-seminar