Creating a comprehensive estate plan requires crafting various tools, such as a durable power of attorney. Each tool you use will have a specific purpose and will be designed to address different eventualities or possibilities. Durable powers of attorney in California serve a key role in any plan. Here’s what you need to know about durable powers. Legal Documents Powers of attorney are legal documents. The document create a relationship between you, the principal, and the person or organization … [Read more...] about Understanding Durable Powers of Attorney in California
Powers of Attorney
Commonly Believed Myths About Powers of Attorney
Like other estate planning tools, powers of attorney must meet the legal standards imposed by state law. Though these documents are flexible and powerful, a lot of people don’t really know much about them. To help you better understand powers of attorney, let’s take a little time to look at some of the commonly held myths about these documents. Myth 1. Powers of attorney involve lawyers. This myth is entirely understandable because of the legal terminology used with powers of attorney. When we … [Read more...] about Commonly Believed Myths About Powers of Attorney
Powers of Attorney Require Caution
A recent Wall Street Journal article highlighted some of the potential dangers involved when people create powers of attorney. These important legal documents are getting attention as baby boomers age and consider the possibility that they might one day need someone else to either manage their financial affairs or make medical decisions on their behalf. Unfortunately, there have also been a number of recent stories about elderly people who have suffered at the hands of agents who have wrongfully … [Read more...] about Powers of Attorney Require Caution
How do You Know When You Are Incapacitated?
People who create estate plans typically have a number of tools that address the possibility of becoming incapacitated. Whether you create a health care directive, financial durable power of attorney, living trust, or other devices that allow you to plan ahead against the possibility that you might not be able to one day make your own decisions, the idea of incapacity is an important one that you need to understand. But what is incapacity? What does it mean to be incapacitated and what … [Read more...] about How do You Know When You Are Incapacitated?
Multiple, Alternate, and Co-Agents in Powers of Attorney
A lot of estate plans include different types of powers of attorney. While these documents are very useful, there are some practical limitations you should know about before you make a decision about the agent you choose through your power of attorney. Multiple Agents It’s ok to choose more than one agent when you create multiple powers of attorney as long as you realize that each agent should have a particular responsibility. For example, if you create healthcare and financial powers of … [Read more...] about Multiple, Alternate, and Co-Agents in Powers of Attorney
Summer Vacation Plans Should Include Powers of Attorney
If you are planning on a summer vacation, you might want to incorporate creating powers of attorney as an important step. When you go on vacation you want to be sure that the affairs you leave behind will not cause you any problems. You don't want to have to worry, for example, that your house is not being looked after, that your mail is going unattended, and that your bills are going unpaid. So, for people who are planning on going on summer vacation, creating powers of attorney can give you … [Read more...] about Summer Vacation Plans Should Include Powers of Attorney
Ending a Power of Attorney: Commonly Asked Questions
Question 1: Can I cancel a power of attorney? Someone who makes a power of attorney and grants another person the authority to act on your behalf is known as a principal, while the person or organization you appoint is known as your agent or your attorney-in-fact. As the principal you maintain the ability to end the power of attorney whenever you like. You can do this for any reason at all, or for no reason. Question 2: When can I cancel my power of attorney? As a principal you can terminate … [Read more...] about Ending a Power of Attorney: Commonly Asked Questions
Should You Have a Durable Power of Attorney? 3 Questions
Question 1. What is a durable power of attorney? A durable power of attorney is a document that allows capable adults the ability to choose a representative who will have the legal authority to make decisions on their behalf. Through your durable power of attorney you appoint an agent, also known as an attorney-in-fact, who receives this decision-making authority. The agent can make legally binding agreements as if you were making them yourself. The durable power of attorney can be as limited … [Read more...] about Should You Have a Durable Power of Attorney? 3 Questions
Think Carefully About Your Choice of Agent Under Your Power of Attorney
An agent under a power of attorney is someone upon whom you will rely to make important decisions that will affect you and your family. Whether you are making a financial power of attorney, health care power, or granting any other type of decision-making ability to an agent, you must be absolutely sure that your agent is capable of getting the job done. Before you make any agent selection for your power of attorney, there are several questions you want to ask yourself. Question 1. Is my agent … [Read more...] about Think Carefully About Your Choice of Agent Under Your Power of Attorney
Ohio Veteran Faces Eviction by Daughter
A recent story out of Ohio shows the dangers that many people, including veterans, face when they decide to hand over power of attorney to those who might abuse it. John Potter, a 91-year-old Ohio man, gave general power of attorney to his daughter after Mr. Potter’s wife died in 2004. Sometime between 2004 and 2010, his daughter transferred the deed of his home to herself. After learning about the transfer, Mr. Potter decided to fire his daughter as his agent and name his granddaughter as his … [Read more...] about Ohio Veteran Faces Eviction by Daughter
