A powers of attorney allows you to select an individual who will be responsible for making major life decisions on your behalf, should you ever become physically or mentally unable to do so yourself. It is important that you select someone you trust, but also someone who is responsible enough to make these decisions. Many people choose their spouses, children, parents, business partners, or other close friends or relatives. A power of attorney can allow a trusted individual to pay your bills, make bank deposits and withdrawals, obtain medical records, file tax returns, buy and sell property, hire caretakers, transfer assets to trusts, and more. However, it is important to know that there are different types of powers of attorney. For example, you may not want to give someone complete access to your estate. In other cases, you may only want someone to have access at a certain time. Read on to learn more about the different types of powers of attorney in California.
Types of powers of attorney:
Each person has a unique situation. As a result, there are different types of powers of attorney, all serving different circumstances. The most common options when it comes to creating a power of attorney include:
- Non-Durable Power of Attorney: These agreements are only valid for a specific period of time and are usually only utilized for certain transactions. Once the transaction is complete, or the principal becomes incapacitated, the non-durable power of attorney will end. For example, if you need to sign an important legal document in person but you are not able to do so, you may have a power of attorney sign on your behalf.
- Durable Power of Attorney: These are activated once the principal becomes incapacitated, and will grant the agent complete control over several aspects of the agent’s affairs. You can work with an attorney to set your own personal level of incapacitation.
- Medical Power of Attorney: This document is created specifically for healthcare decisions, should the principal become incapacitated. A medical power of attorney will usually begin once the physician agrees.
- Springing Power of Attorney: Springing powers of attorney take effect once a triggering event occurs. They are either durable or non-durable.
If you have any questions or concerns about creating a power of attorney in California, our firm is here to help. Contact us today to discuss your options with an experienced estate planning attorney.
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