One thing that many people can never account for but absolutely should account for is what will happen if they can’t take care of their affairs anymore. If a person has a medical emergency that makes it so they become incapacitated, they will need another person to take care of their finances, legal matters, and other matters. When you are creating an estate plan in California, it is important that you appoint a power of attorney. A power of attorney is a document that appoints an individual who will act on your behalf if you become unable to act for yourself. There are a few different types of power of attorney.
A durable power of attorney will be the person who will pay your bills, access your bank account, and handle all of your affairs. This is a role that takes effect throughout the entire time that you are incapacitated. One other type of power of attorney is a springing power of attorney, which means that the person will only be granted this power at a specific date in the future or in an emergency that would incapacitate you. Perhaps you don’t want to worry about your finances when you become elderly and believe it would be easier to hand them off to a responsible, trustworthy person in your life. It is important that when choosing a power of attorney or an executor to your will, you choose someone that you fully trust. There are way too many situations where a person with this type of power takes advantage of the finances they are managing. If you have questions about power of attorney, contact our firm today.
If you need the dedicated legal representation for wills, trusts, and estate matters in California, contact the Law Offices of Yacoba Ann Feldman to schedule a consultation.