When and How to Update This Document

Once you have a power of attorney, what do you do with it? Place the document where all your key papers are—including your will, your living will, life insurance policies and retirement plan documents, etc.

It is key to tell the important people in your life what you've done and where you've put these papers. Even if you leave the originals with your attorney, he or she may move, or the files might be destroyed in an office flood or computer crash.

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Make sure your power of attorney is durable. That's what makes the document continue to be valid and enforceable even after the person making it becomes incompetent or incapacitated.

When to Update the Document

Your document should name an agent of your choosing to act on your behalf, as well as a second person to fill that role if your first choice is unavailable. If either of your named agents is no longer available for any reason, it's time to have your document updated by your estate planning attorney to include a replacement.

Please contact Jackie Peterson at 507-933-7543 or jpeters9@gustavus.edu to learn how a gift to Gustavus Adolphus College can fit into your overall estate plans.

Your Next Steps
Getting Started | Case Study | When and How to Update This Document | Action Items