POWERS OF ATTORNEY LAWYER IN LOS ANGELES, CALIFORNIA
It is a myth that in creating a power of attorney, you relinquish control of matters addressed in the documents. In fact, powers of attorney can be extremely valuable tools should you become incapacitated or otherwise unable to manage your affairs.
Powers of Attorney are a critical component in any estate plan. Although the power you grant an attorney-in-fact ends upon your death, different types of powers of attorney are tremendously beneficial while you are alive. Of course, appointing someone to make decisions on your behalf is not something that should be taken lightly. Consulting with an experienced estate planning attorney is a wise choice.
Attorney Rodney Gould has helped hundreds of clients in Los Angeles, California and the surrounding communities craft powers of attorney that grant responsibilities to trusted individuals should those clients need someone to help them manage their financial affairs or make medical decisions. Call The Law Office of Rodney Gould today to schedule a free consultation.
What is a Power of Attorney?
A power of attorney is a document in which you, the principal, give another person the authority to take certain actions on your behalf. The person you designate is your “attorney-in-fact” who can act on your behalf in all lawful areas pursuant to your specifications.
Under California law, there are five types of power of attorney:
General — A general power of attorney can allow someone to act on your behalf as you specify until you become incapacitated.
Durable — With a durable power of attorney, the person you appoint can act on your behalf as specified even after you have become incapacitated
Springing — A springing power of attorney “springs” into action, giving someone else the authority to act on your behalf if specific events happen.
Limited — A limited power of attorney grants authority to someone to act on your behalf for a specific period of time
Healthcare — A healthcare or medical power of attorney grants someone the authority to make medical decisions for you if you are unable to make them for yourself
Why is a POA Important?
A power of attorney is important because it ensures that your financial and/or personal business will be carried on, even if you are unable to perform them yourself due to incapacitation, disability, or distance.
Considerations for Choosing
the Right Power of Attorney
The only legal requirement for choosing a power of attorney is that the person be of the age of majority (normally 18 years of age) and not incapacitated themselves. You may otherwise appoint anyone you want to serve as your attorney-in-fact, but there are few things you will want to consider:
First and foremost, your power of attorney should be someone you trust. The integrity of your attorney-in-fact is more important than any educational or professional background.
People often name spouses or children as their attorney-in-fact because they are close to them and trust them to carry out decisions as you would if you were capable of carrying them out yourself.
Although your attorney-in-fact doesn’t have to live in the same town or state as you do, carrying out the duties might require that they do so locally, with regard to banking or real estate issues, for example.
You can appoint more than one attorney-in-fact to serve simultaneously, although more than two could prove problematic. It is prudent to appoint a successor should the designated attorney-in-fact be unable to carry out their responsibilities for any reason.
All states recognize powers of attorney, but the laws and rules may differ from state to state. An experienced estate planning attorney can help you navigate statutory differences when you grant power of attorney if you anticipate that authority may be used in other states.
Having a law degree is not a requirement for an attorney-in-fact, but you should grant that authority only to someone you trust. A knowledgeable and experienced estate planning attorney can provide you with insight and information that will help you make this important decision.
POWERS OF ATTORNEY LAWYER SERVING LOS ANGELES, CALIFORNIA
The Law Office of Rodney Gould provides clients in Los Angeles, Sherman Oaks, Studio City, West Hollywood, and Beverly Hills, California with information about their estate planning needs, including assisting them with designating powers of attorney. Because you never know when you might need an attorney-in-fact, it is never too early to have one. Contact Rodney Gould to schedule a consultation.