It is important for everyone to have an estate plan prepared so that they are ready for whatever the future may hold. This ensures that you are not caught off guard by anything and your cherished assets and loved ones can be protected. For many, part of an estate plan can include a designated power of attorney. Continue reading below to learn more and contact an experienced California estate planning attorney for guidance in these matters.
What is a Power of Attorney?
While no one ever wants to consider the idea of possibly becoming incapacitated at any point in life, it is crucial that these matters are not left unplanned for. A plan can include appointing a power of attorney as an individual who is responsible for taking care of important life decisions in the event that you are unable to do so for yourself. This may be necessary to pay bills, make bank deposits/withdrawals, obtain medical records, file tax returns, manage property, hire caretakers, transfer assets, and more. Oftentimes, people choose someone that they love and trust. This can include spouses, children, parents, or a close friend/relative.
Are There Different Types of Powers of Attorney?
While the idea of a power of attorney is the same across the board, there are different kinds that can be appointed to serve different purposes. The most common powers of attorney are as follows:
- Non-Durable Power of Attorney: These individuals are designated for a specific period of time for certain transactions. Once the transaction is done or the person is no longer incapacitated, the non-durable power of attorney will end.
- Durable Power of Attorney: These individuals are activated when a person becomes incapacitated and they are granted complete control over several affairs.
- Medical Power of Attorney: These individuals are designated specifically for healthcare matters and will usually begin once the presiding physician agrees.
- Special Power of Attorney: These individuals are used for one specific reason. For example, a business owner may designate a special power of attorney to make business related decisions for them in the event that they become incapcitated.
- Springing Power of Attorney: These individuals take effect once a triggering event occurs and 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.