No one can predict the future. It is because of this that it is always best to have a plan in place for the worst, even if you do not expect it to happen. It is beneficial for all individuals to anticipate these situations regardless so they are not caught unprepared. In the event that you ever become incapacitated, having a plan in place ensures your medical treatment and affairs can be taken care of. This can be done through creating a power of attorney. Continue reading below to learn more and contact an experienced California estate planning attorney to help you prepare the right plan for you.
What is a Power of Attorney?
When a power of attorney is appointed, they are the individual who is responsible for making important decisions should you are ever unable to do so for yourself. This may be physically or mentally. When you choose a power of attorney, be sure it is a person that you can trust, literally, with your life. This may be a spouse, child, parent, another close relative, a friend, business partners, etc.
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 than the other. This is because each type allows a person different rights while you may be incapacitated and unable to care for yourrself. 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.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.