Protecting Your Best Interests in Orange County
A power of attorney is a document used to appoint a trusted agent to make important decisions on your behalf, should you become incapacitated or otherwise unable to make them yourself. In general, there are three types of documents: general powers of attorney, limited powers of attorney, and durable powers of attorney. Additionally, advance health care directives can work in conjunction with your power of attorney. This is a document that specifically designates the principals wishes for life sustaining treatment.
Continue reading for more information on specific powers of attorney that our estate planning lawyers can help you draft. Call Financial Relief Law Center, APC at (949) 570-5466 to discuss your unique circumstances.
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General Power of Attorney
A general power of attorney is a legal document that gives an agent (delegated person) authority to act on behalf of a principal (the maker of the document). It is the broadest power a person can give another person. The principal gives the agent the power to do anything that the principal could do. A general power of attorney may be revoked by the principal by giving notice.
Limited Power of Attorney
A limited power of attorney is a power of attorney that is narrowed for a specific purpose such as buying a home. There are different types of power of attorneys, one of the most common of which is a financial power of attorney.
With a financial POA, your agent is allowed to take care of your finances when you are unable to, including:
- Making bank deposits
- Overseeing investments
- Collecting insurance or government benefits
- Generally handling financial matters on your behalf
A financial power of attorney can make sure you do not fall behind on important financial matters in the unfortunate circumstances that you are unable to make these important decisions for yourself.
Durable Power of Attorney
Durable powers of attorney, like other powers of attorney, are a written agreement whereby a principal designates an agent to act on his or her behalf. A durable power of attorney, however, survives death or incapacity. Typically, this power of attorney can be used for property or health care. Like probate, these proceedings can be costly, protracted and embarrassing for those involved. Like a financial power of attorney, a durable power of attorney for property appoints an agent to make certain decisions concerning property and financial management.
A health care power of attorney allows an agent to make health care decisions on behalf of a principal who is unable to make those decisions for him or herself. This is especially helpful in terminal and nonterminal cases, such as disclosure of medical records.
Consequences of not having a durable power of attorney include having to petition a court to appoint a guardian of the estate to make property decisions for a person who is incapacitated or disabled.
To learn more, contact our lawyers. We can draft the specific power of attorney based on your unique needs. Proudly serving clients throughout Orange County, Financial Relief Law Center, APC offers legal assistance in both English and Spanish.
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