There have been significant changes recently made to the Statutory Durable Power of Attorney (SDPOA).
A SDPOA allows the person or persons you have designated to handle your finances in the event of your incapacity.
The following are three changes included in the new SDPOA:
- You have the ability to appoint co-agents. This means that you can choose two people to act together on your behalf.
- You have the ability to choose if your agent receives reimbursement for out of pocket expenses or compensation.
- You have the ability to include "Hot Powers". These powers include giving your agent the ability to change the beneficiary or beneficiaries on any of your assets, to create trusts on your behalf, etc.
It’s important to know that not everyone needs to sign a new SDPOA. We recommend speaking with your estate planning attorney to determine if a new one would be beneficial.