[WSBAPT] interesting question from a financial planner

[Mike Zeno]

That makes a lot of sense, Laura.   RCW 11.125.190 contemplates that the person asked to accept the POA can rely on a certification from the agent that certain things are true—but I’m guessing most companies won’t find that sufficient for POAs over 5 years old…but I don’t know (which is one reason for posting the question  😊)

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Laura Latta
Sent: Friday, November 19, 2021 2:48 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] interesting question from a financial planner

Knowing that this "five year rule" is out there in the financial world, I usually recommend that my clients pull out their estate plan every five(ish) years and, even if the will is up-to-date, consider re-executing new powers of attorney. Not because the power of attorney is invalid, but because a "fresh" power of attorney is easier to use. I don't expect that most clients will do this, but I think they should know it's an issue.


On Fri, Nov 19, 2021 at 2:39 PM Mike Zeno <mikez at zenolawfirm.com<mailto:mikez at zenolawfirm.com>> wrote:
I was preparing a Will and dpas for a financial planner, who posed an interesting question:  his company’s policy is not to accept powers of attorney that are more than 5 years old.  (I realize the policy may not have a solid legal foundation.)  He asked if that means you have to re-do/re-sign the POA every 5 years?

How do folks deal with this issue?

Mike Z

The Law Office of G. Michael Zeno, Jr., P.S.
T:  (425) 947-8050   F:  (425) 947-8052
135 Lake Street S., Suite 257
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Laura Latta
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