Most people understand that estate planning is essential to control where their assets will go upon their deaths. However, many believe a will is the only estate planning document they need.
Circumstances may surface where an individual needs someone to manage their assets during their lifetime if they cannot care for themselves or their property.
An Anaheim power of attorney lawyer could help you draft a power of attorney to protect your assets. Contact our law office today to speak with an experienced estate planning attorney.
Understanding Powers of Attorney
Powers of attorney are legally binding estate planning documents. They allow people to plan in advance for the worst-case scenario. In a power of attorney, a person, known as the principal, can appoint another individual or entity, known as an agent or attorney-in-fact. The agent can manage the principal’s property, medical needs, finances, or other legal affairs in specific scenarios.
The decision to select an attorney-in-fact should be made after considering multiple factors. The principal must be sure they choose someone who will look out for their interests and not abuse their trust. They also need an agent who is historically reliable, strong, and will not bend under pressure. The principal may also want to choose someone who lives close by in case they need to step in suddenly.
A knowledgeable lawyer in Anaheim could meet with clients to help them determine who should act as their power of attorney.
Different Kinds of Powers of Attorney Available
Not all powers of attorney are the same, and different types accomplish different things. Some people want their attorney-in-fact to have broad-reaching powers, while others want them to have minimal authority. A power of attorney can address different matters, such as authority over healthcare decisions or finances.
Durable Power of Attorney
Durable powers of attorney give an agent authority to act on behalf of the principal if they become incapacitated. Because they are durable, this type of power of attorney remains valid for the entire time the principal is incapacitated. It is often the most common in estate planning documents.
Springing Power of Attorney
Similarly, a springing power of attorney often becomes effective when someone is incapacitated. However, a person named in the document must swear that the springing contingency has occurred to be effective.
General Power of Attorney
A principal can give an agent general power of attorney over certain matters. Some people grant general powers of attorney to their employees so they can handle their business transactions if they are too busy. Additionally, a principal can revoke a general power of attorney, typically ending if the principal becomes incapacitated.
Limited Power of Attorney
A principal can have an agent act on their behalf in a limited manner. For instance, a person selling their house might give their real estate lawyer a limited power of attorney to sign certain documents pertaining to the sale. This type of power of attorney ends when the limited task is completed.
Healthcare Power of Attorney
Individuals can give a spouse or other loved one the right to make important decisions about their healthcare, known as healthcare powers of attorney. These become effective when someone becomes incapacitated or is unconscious, such as in a coma.
A well-versed Anaheim lawyer could help clients identify which power of attorney best suits their needs.
Learn More About Power of Attorney in Anaheim Today
Powers of attorney are among the legal documents you would prefer not to need. However, it is better to err on the side of caution and have one in place.
An Anaheim power of attorney lawyer could explain the process, listen to your concerns, and draft a document that fully protects you and your assets. To find out more, schedule an initial consultation with our legal team today.
