There comes a time in most people’s lives where they can no longer handle their financial affairs on their own. While this is not an ideal situation, it does not have to be a difficult one either. With some reading up and the help of an experienced attorney, you can be confident that you are making the right decision.
What is a Power of Attorney?
A Power of Attorney allows people to choose who will handle important financial matters for them, once they can no longer do those things on their own. This is typically granted to someone you trust, as they will be managing most, if not all, of your major financial affairs. The person you appoint to handle your finances is called the “agent” or “attorney-in-fact.” These powers are only granted to this person while you are still alive. A Durable Power of Attorney is either immediately effective, or it may only become effective after a determination is made that you are incapacitated. The details and limitations of what the representative can do under the Power of Attorney can be chosen by the person creating it. You should also note that the Power of Attorney may be revoked or amended at any time while the creator is still competent. It can also stand on its own, or be used as part of an estate plan.
What are the primary responsibilities of an attorney-in-fact?
The attorney-in-fact will take on many responsibilities, and since this is a major life decision, it is important to know what you are getting into, both as an attorney-in-fact and as the individual who will need assistance. Here are some, but not all of the responsibilities you may have as an attorney-in-fact:
- Making 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
Contact an experienced California Attorney
We understand how stressful making a decision like this can be. When you turn over certain major responsibilities to another person, you want to feel confident that you are being treated fairly, and that your finances are well-taken care of. This is why it is so important to make sure you speak with a knowledgeable team of lawyers who will be happy to guide you throughout the entire process, every step of the way.
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.
