Appointing powers of attorney is one of the most important steps you can take toward a comprehensive estate plan. To learn more, reach out to our firm today to speak with a skilled Woodland Hills, California estate planning attorney.
What is the role of powers of attorney in California?
The aid of a Power of Attorney permits individuals to determine who will handle significant financial matters for them, in the event that they can no longer do those things on their own. This is generally given to someone you trust, because they will be managing most, if not all, of your major financial affairs. The person you select to handle your finances is called the “agent” or “attorney-in-fact.” These powers are only given to this person while you are still alive. A Durable Power of Attorney is either directly effective, or it may only become sufficient 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 decided by the person creating it. You should also mention that the Power of Attorney may be withdrawn or amended at any time while the creator is still capable. It can also stand on its own, or be used as part of an estate plan.
What are the responsibilities of an attorney-in-fact?
It is important to note that the attorney-in-fact will take on multiple responsibilities, and because this is a significant life decision, it is essential to understand what you are getting into, both as attorney-in-fact and as the individual who will need help. Some of the responsibilities you may have as an attorney-in-fact may include the following:
- Pay bills
- Buy and sell property
- Making bank deposits, withdrawals, and other transactions
- Employ 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
If you have questions about powers of attorney or the role of an attorney-in-fact, reach out to our firm today. With the help of our skilled legal team, you can feel more comfortable knowing that your future is in good hands. Contact us today to speak with a dedicated Woodland Hills power of attorney lawyer.
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.