[WSBAPT] interesting question from a financial planner

[Laura Latta]

I definitely think that the financial institutions are wrong in applying
this rule and the certification *should* be sufficient. That said, many of
my clients have as a primary goal of their estate plan creating "ease of
administration" for their loved ones, so for some clients, they may be
motivated to re-execute more frequently. I certainly don't put any pressure
on them to do it as a way of generating business, but I feel like
the client should make an informed decision. I'm interested to hear if
others take this into consideration as well. Thanks for bringing it up!

On Fri, Nov 19, 2021 at 3:10 PM Mike Zeno <mikez at zenolawfirm.com> wrote:

> 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  😊)
>
>
>
> *The Law Office of G. Michael Zeno, Jr., P.S.*
>
> T:  (425) 947-8050   F:  (425) 947-8052
>
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>
> Kirkland, WA 98033
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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> 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
>
> Kirkland, WA 98033
>
>
>
> *Confidential/Privileged Communication:* This email and any attachments
> are confidential, privileged and intended only for the intended
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> this email is prohibited.  If you received this email in error, please
> notify me immediately so we can arrange for the message and documents to be
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>
> *IRS Circular 230 Disclaimer:* Any tax advice provided in this
> communication (including attachments) is not intended or written to be
> used, and it cannot be used, by the recipient or any other taxpayer (i) for
> the purpose of avoiding penalties that may be imposed on the recipient or
> any other taxpayer, or (ii) in promoting, marketing or recommending to
> another party a partnership or other entity, investment plan, arrangement
> or other transaction.  You should seek advice based on your particular
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>
>
>
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> --
>
>
> *Laura Latta Law Office of Laura Latta PLLC*
>
> she/her
>
> Phone (206) 841-2344
>
> www.LauraLatta.com
>
> PO Box 82356
>
> Kenmore, WA 98028
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-- 


*Laura LattaLaw Office of Laura Latta PLLC*

she/her

Phone (206) 841-2344

www.LauraLatta.com

PO Box 82356

Kenmore, WA 98028



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