Choosing a power of attorney can be one of the most important elements in an estate plan. There are many types of powers of attorney, so it is important to ensure that you are choosing the one that will benefit you and your family the most. Contact our firm today to speak with our skilled California estate planning attorneys. Our firm is dedicated to helping you navigate through this process.
What is a power of attorney in California?
With a power of attorney, an individual can appoint a trusted loved one to be in charge of their finances and other important decisions in the event that they become incapacitated or cannot make decisions on their own. Typically, the person selected will be a close friend, spouse, child, parent, or another family member that can be trusted with this responsibility. A power of attorney, once given the right, can pay bills, make bank deposits and withdrawals, obtain medical records, file tax returns, buy or sell property, hire caretakers, transfer assets to trusts, and more.
What are the different types of powers of attorney?
There are several different types of powers of attorney that address multiple circumstances. It is important to understand each kind, as they all serve their own purpose depending on the type of individual appointed and the care that is needed. The most common types of powers of attorney are as follows:
- Non-Durable Power of Attorney: These are only selected for a period of time, usually only for specific transactions. Once their services are no longer needed, the non-durable power of attorney will terminate.
- Durable Power of Attorney: These people begin their responsibilities when the individual becomes incapacitated. They are granted full control over various aspects of the person’s affairs.
- Medical Power of Attorney: This person is assigned specifically for healthcare matters of the incapacitated. A medical power of attorney regularly begins their duties when the supervising physician agrees.
- Special Power of Attorney: These individuals are used for one particular area. For example, if someone owns a business, they can choose a business partner as a power of attorney to make business-related decisions for them in the event that they become incapable.
- Springing Power of Attorney: These are used when a triggering event occurs. They can either be durable or non-durable.
If you are unsure about which power of attorney might fit best according to your situation and needs, do not hesitate to reach out to our experienced estate planning firm to learn more about what your options are.
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.