It can be difficult to think about, but there may come a time when you can no longer make decisions for yourself. If this is the case, you may need a trusted friend or family member to make these decisions on your behalf. This can be done by creating a power of attorney. Read on to learn more.
What Can a Power of Attorney Do?
The amount of control that a power of attorney has is up to you. Depending on the level of control you relinquish, the individual you choose can do the following on your behalf:
- Make bank deposits, withdrawals, and other transactions
- Pay bills
- Buy and sell property
- Hire caretakers for either in-home care or otherwise
- Deal with Social Security issues
- Transfer assets to a trust
- File tax returns
- Obtain medical records
- File medical claims
How Much Control Does a Power of Attorney Have in California?
Different types of powers of attorney have different levels of control. The powers of attorney available in California include:
- Non-Durable Power of Attorney: These 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. This POA allows very limited control.
- 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.
- Medical Power of Attorney: Designed specifically for healthcare decisions, should the principal become incapacitated. A medical power of attorney will usually begin once the presiding physician agrees.
- Special Power of Attorney: Special powers of attorney are used for one specific area. A principal may create multiple powers of attorney, with multiple agents. Very often, if someone owns a business, they will create a power of attorney for a business partner to make business-related decisions for them, should they become incapacitated.
- 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 regarding powers of attorney or any other estate planning matters in California, reach out to our firm today.
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.