Core Estate Planning Documents During COVID-19 (Part 2)

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1. Durable Power of Attorney (DPOA). A DPOA is a legal document in which you name a person, called an agent, to handle your legal, tax, financial and other matters if you cannot do so. Many existing DPOAs are “springing” powers that become effective only if you become incapacitated and cannot manage your affairs. If the document says your agent cannot act until you are incapacitated, you might want to change that immediately to a new DPOA that lets the agent act immediately (i.e. not contingent on your being disabled) so that the agent can help you today. The restriction of only being effective when you are disabled might make your current DPOA useless in the current environment.

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