EP. 37 - Michigan's New Power of Attorney Law: Your Crucial Guide

Advice From Your Advocates

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Uncover the secrets of the latest Michigan law changes with Bob Mannor and Kelli King-Penner.
Episode Highlights:
Bob and Kelli emphasize the significance of durable power of attorney, a document enabling individuals to manage financial assets on behalf of someone unable to do so themselves. The episode delves into the nuances of the recently passed law, set to take effect on July 1, 2024.

Insights and Takeaways:

1. Crucial Role of Durable Power of Attorney: They note the document's importance, especially regarding aging and potential challenges like dementia.
2. Understanding the New Law: Kelli explains the intent behind the new law, part of the uniform power of attorney movement. It seeks to establish consistency and enforceability across states and financial institutions, addressing challenges elder law attorneys face under the old law.
3. The Good and the Bad: Bob and Kelli dissect the positive aspects of the new law, including uniformity and the introduction of an enforcement mechanism. They acknowledge potential challenges but stress the need for a functional and enforceable system for the benefit of individuals and their families.
4. Action Items for Listeners: Kelli recommends updating power of attorney documents with a qualified attorney to align with the new law, ensuring functionality and compliance. The hosts stress the importance of separate financial and medical power of attorney documents, each governed by statutes.

Why Listen:

This episode serves as a comprehensive guide for individuals, families, and professionals dealing with elder care in Michigan. Bob and Kelli's expertise clarifies the evolving legal landscape, empowering listeners to make informed decisions about their affairs.

Tune in to "Advice from Your Advocates" for insights, actionable advice, and future discussions on vital topics related to elder law and estate planning. Subscribe today on your favorite podcast platform or visit our website to stay informed and empowered.

Host: Attorney Bob Mannor, CELA

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ABOUT US:
Mannor Law Group helps clients in all matters of estate planning and elder law including special needs planning, veterans’ benefits, Medicaid planning, estate administration, and more. We offer guidance through all stages of life.
We also help families dealing with dementia, Alzheimer’s disease, Parkinson’s disease, and other illnesses that cause memory loss. We take a comprehensive, holistic approach, called Life Care Planning. LEARN MORE...

Chapters

1. Importance of Durable Power of Attorney (00:00:00)

2. Proper Power of Attorney Importance (00:08:24)

3. Importance of Power of Attorney (00:17:17)

4. Action Items (00:23:11)