The thought of planning or drafting a will or trust or getting a power of attorney in California makes most people cringe as it customarily involves thinking about exiting this world or being in a condition we cannot make decisions for ourselves. Of course, if you can get over this morbid hurdle planning for the inevitable or planning for a time you are not of sound mind to make decisions for yourself is the smart thing to do.
The later issue is something that most people cannot predict. However, there may come a time where you cannot make decisions for yourself and you will need someone to make those decisions for you. This best way for you to have someone serve your best interests is to appoint a power of attorney beforehand. A power of attorney does not require an attorney but if you have more complex finances or do not have time to do one or you just simply want to have a peace of mind that it was done right you could consider SmartLDA to do this for you.
The following are some common questions:
What is a power of attorney?
Generally, a power of attorney is someone that you assign to make decisions for you. These decisions could be regarding your finances or your medical decisions or your property or all of the above. The best part of a power of attorney is that you can personalize it to suit your needs and interests. One way to do this is to have a limited power of attorney. In a limited power of attorney, the person you choose will be restricted to making decisions on a particular asset or subject. You could also do a general power of attorney which enables the person you choose to make a wide array of decisions on your behalf. Make sure that if you are choosing a power of attorney you follow the rules and guidelines of that state and more importantly that institution. Some institutions like your bank may require you to fill out additional documents in order to allow that person you choose to have access to your account.
Who should I appoint as my power of attorney?
Commonly, people choose a close family member or friend. It is preferably you choose someone that lives close to you, is trustworthy and can be available if need be.
Can I have more than one power of attorney?
Some people choose to have more than one power of attorney. You can choose a power of attorney to handle your finances and another to handle your medical decisions.
Can a power of attorney be revoked?
The great part of forming a power of attorney is that you can revoke it by creating a revocable power of attorney. In some cases, people change their mind and want to choose someone else or for example a person had appointed a power of attorney for a particular asset and that asset is no longer in existence.
At SmartLDA we can help you through this process and provide you that assurance that your best interest will be the utmost priority.