|
FINANCIAL POWER OF ATTORNEY
A People’s Choice can save you hundreds of dollars by preparing your
financial power of attorney and other estate planning documents instead of an expensive attorney!
Estate Planning Learning Center
Our online learning center provides quick access to valuable information contained in our web
site, California and Federal Codes, Court web sites and other legal sources of information.
Durable Power of Attorney:
Almost everyone with property or an income can benefit from a Durable Power of Attorney
for finances. It's particularly important, however, to have a Durable Power of Attorney if you fear that health problems may
make it impossible for you to handle your financial matters. The main reason to make a Durable Power of Attorney for
finances is to avoid court proceedings if you become incapacitated. If you don't have a Durable Power of Attorney, your
relatives or other loved ones will have to file formal court proceedings and ask a judge to name someone to manage your
financial affairs. These proceedings are commonly known as conservatorship proceedings. Depending on where you live,
the person appointed to manage your finances is called a conservator, guardian of the estate, committee or curator.
A Durable Power of Attorney for finances is an inexpensive, reliable legal document. In it, you name someone who will
make your financial decisions if you become unable to do so yourself. If you ever do become incapacitated, the Durable
Power of Attorney will likely appear as a minor miracle to those who are close to you. You can give your attorney-in-fact authority to do some or all of the following:
- Use your assets to pay your everyday expenses and those of your family.
- Handle transactions with banks and other financial institutions.
- Buy, sell, maintain, pay taxes on and mortgage real estate and other property.
- File and pay your taxes.
- Manage your retirement accounts.
- Collect benefits from Social Security, Medicare or other government programs or civil or military service.
- Invest your money in stocks, bonds and mutual funds.
- Buy and sell insurance policies and annuities for you.
- Operate your small business.
- Claim or disclaim property you get from others.
- Make gifts of your assets to organizations and individuals that you choose.
- Transfer property to a living trust you've already set up, and
- Hire someone to represent you in court.
You can tailor your Durable Power of Attorney for finances to fit your needs by choosing which powers you grant and
placing certain conditions and restrictions upon the attorney-in-fact. For example, you can give your attorney-in-fact
authority over your real estate, with the express restriction that your house may not be sold.
What a Durable Power of Attorney cannot do: A Durable Power of Attorney cannot authorize your agent to:
- Make healthcare decisions for you
- To marry
- To adopt
- To vote in public elections
- To make a will on your behalf or
- Give powers already legally delegated to someone else by another means
A People’s Choice can save you hundreds of dollars by preparing your
financial power of attorney and other estate planning documents instead of an expensive attorney!
|
