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Power of Attorney for Financial Affairs.

Power of Attorney for Financial Affairs

Estate Planning Lawyers in Rancho Cucamonga, CA

A power of attorney is a document that gives a trusted individual control of all of your financial affairs. You can designate the applicability of the power of attorney on your own. An agent may only have the right to take charge if you become incapacitated.

It is often wise to create a power of attorney in case you are struck with a mental disability or a mental disease such as dementia and can't make your own choices any longer. While it may seem disheartening to think of incapacitation, the truth is that having a power of attorney "just in case" can provide peace of mind and ensure that you will still be able to take care of your family even if you are not mentally capable of doing so.

Types of Powers of Attorney

You can choose from several different options for powers of attorney, including:

  • Durable — This is a document that allows someone to act in the place of another for all financial decision making. The form is valid even if the individual who is in charge of the finances becomes incapacitated.
  • Limited — This is a power of attorney that allows someone to act in the place of another for a specific and single duty. Once that duty is completed, the form is no longer active. For example, a limited power of attorney may demand that a principal, the person granted power, cash in on all stocks or invest in a particular real estate property.
  • General — A general power of attorney says that if the principal becomes incapacitated after receiving power, the form will be void. Normally, the state will take control of the finances at this point.

Understanding the Agent's Job in a Power of Attorney

The person who is named the agent in a power of attorney is the individual who now has permission to act on your behalf in financial affairs should you become incapacitated.

Some of the jobs that these agents are given include:

  • Collecting Social Security, Medicare, or other government benefits
  • Filing and paying taxes
  • Handling transactions with banks
  • Buying, selling, paying taxes on, and maintaining real estate and other properties
  • Investing money in stocks, bonds, and mutual funds
  • Operating your small business
  • Using your assets to pay for everyday expenses
  • Managing your retirement accounts
  • Hiring someone to represent you in court
  • Transferring property into a trust that you have created
  • Claiming property that you inherit

If you need assistance creating a power of attorney for financial affairs, the experienced estate planning team at Atlantis Law can help you. With the right attorney to assist you, you will be able to draft a sound document with your notarized signature and make sure that your wishes are carried out in the future!

Get in touch with a Rancho Cucamonga estate planning attorney at Atlantis Law to discuss your unique situation.

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