When it comes to estate planning, there are a lot of different aspects to consider. Some people assume they can create a will and be done with the estate planning process. In reality, there are a lot of other documents you may want to create in order to have a thorough estate plan. Some of these documents include trusts, an advance healthcare directive, and a power of attorney. Read on to learn more about the different types of powers of attorney in California.
What is a Power of Attorney?
A power of attorney allows you to choose an individual to be in charge of your finances and other important decisions in the event that you become incapacitated or are no longer of sound mind. Usually, you will select a close friend or family to entrust with this role. This individual, when given the right, can pay your bills, make bank deposits/withdrawals, obtain medical records, file tax returns, buy or sell property, hire caretakers, transfer assets to trusts, and more.
What are Different Types of Powers of Attorney?
It is important to know that there are different types of powers of attorney, each one serving a different purpose. This is because each type gives the individual appointed different rights, depending upon your situation and the type of care you need. The type of power of attorney you choose to appoint can vary depending on your wishes. The most common types are as follows:
- Non-Durable Power of Attorney: These are only designated for a period of time, usually only for certain transactions. Once their services are no longer needed, the non-durable power of attorney will end.
- Durable Power of Attorney: These individuals begin their responsibilities when the person becomes incapacitated. They are granted complete control over several aspects of the person’s affairs.
- Medical Power of Attorney: This individual is assigned specifically for healthcare matters of the incapacitated. A medical power of attorney usually begins their responsibilities when the presiding physician agrees.
- Special Power of Attorney: These individuals are used for one specific area. For example, if someone owns a business, they can designate a business partner as a power of attorney to make business-related decisions for them in the event that they become incapacitated.
- Springing Power of Attorney: These go into effect when a triggering event occurs. They can either be durable or non-durable.
If you are interested in creating a power of attorney, reach out to our firm today. We are here to walk you through all of your estate planning matters.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.
