![]() ![]() ![]() Is a graphic designer the best choice to manage a farm operation? Would you trust your nest egg to a college senior? But before you just assign the duties to your oldest child, consider whether that child has the knowledge and experience necessary to manage your affairs.ĭealing with financial decisions is not easy. Most often, people choose another family member, like a child or a sibling. This is a great choice as the primary power of attorney agent in most situations, but what if your spouse can’t do it? Typically, the first person you turn to is your spouse. Obviously, you need to appoint someone you trust. Who could act as an alternate if needed?įamily Considerations when Choosing an Agent for Your DPOA.Who will be alive when they are needed?.Who is best suited to the required tasks?.Who will best be able to handle the responsibility of being a durable power of attorney agent? Questions to Ask When Choosing a California Durable Power of Attorney Agent You wouldn’t ask your 20-year-old child to run your crop-dusting business, would you?Īs you discuss your choice with your family, refer back to our estate planning checklist to make sure you cover all your bases and will avoid probate. You need to pick someone who is trustworthy, someone who will act in your best interests.īut you also want to choose someone who can handle the responsibility of managing the assets you’ve accumulated during your life. That’s a lot of responsibility to sign over to someone. When you sign a general power of attorney, you authorize someone to manage financial matters on your behalf in the event that you are unable to do so yourself. Selecting your California Durable Power of Attorney Agent ![]() This is similar to a healthcare power of attorney, however, it only relates to financial decisions and does not have any control over healthcare decisions. Power of attorney definition: A California Durable Power of Attorney is a document that authorizes your agent (a person you choose) to manage your financial affairs if you become unable (or unwilling) to manage them yourself. One is travelling or temporarily residing out of the country and need someone to locally to manage California assets.What is a California Durable Power of Attorney? Other reasons someone might need a Power of Attorney: In some cases, it can be more important than a Revocable Trust. We always include this as part of the Estate Planning package. We highly recommend all residents in the San Francisco Bay Area have a power of attorney. With over 5.3 million Americans currently diagnosed with Alzheimer’s, chances of this disease or another that inhibits mental capacity are not as low as one would think. Without a Power of Attorney, family members must obtain a conservatorship, which is a costly and often lengthy legal process. In those situations, a Power of Attorney is crucial because it appoints someone who can act on that individual’s behalf. I have worked with clients in the San Francisco Bay Area who are caring for family with alzheimer’s or dementia, and also those who have family members with serious head injuries. The primary reason a resident of California needs to have a power of attorney is so that someone can manage their assets should a catastrophe occur, or should they become mentally incapacitated at some point in the future. For our purposes here, we are speaking only about a Power of Attorney as it refers to management of finances. We generally use the phrase “Power of Attorney” to refer to the management of financial assets, and “Advance Health Care Directive” for healthcare. In the state of California, you need a power of attorney in order for someone else to sign documents on your behalf or act as an agent to represent you. What is a Financial Power of Attorney and how can it avoid a Conservatorship in California? Matthew and Elizabeth Talbot discuss. ![]()
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