With a Power of Attorney you give written authorization for another person to represent you or act on your behalf in your absence or if you are incapacitated. This type of power allows your designated agent to make financial and/or medical decisions for you, and should only be given to a person in whom you have absolute trust.
While a simple will documents your wishes in the case of your death, a Power of Attorney documents your wishes while you are alive, and is used in the event that you become physically or mentally incapacitated. Its scope may be limited to a specific situation, or it may be general.
An important instrument to consider is a Durable Power of Attorney, which is long lasting and can stay in effect from the time you are incapacitated until your death. This may also empower your proxy to make health care decisions for you. The Advanced Health Care Directive is a separate document that specifies your wishes in regard to the type of treatment you would like to receive if you are incapacitated.
David will review your situation and draw up the appropriate document to address your wishes.
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We draft various financial and health care powers of attorney. With a power of attorney you give written authorization for another person to represent you or act on your behalf in your absence or if you are incapacitated. This type of power allows your designated agent to make financial and/or medical decisions for you, and should only be given to a person in whom you have absolute trust. If you do not have an agent, you can appoint a private fiduciary to help you. You can select from many qualified fiduciaries.
While a simple will documents your wishes in the case of your death and is only effective upon death, a power of attorney documents your wishes while you are alive and is used in the event that you become physically or mentally incapacitated. Its scope may be limited to a specific situation, or it may be general. It ceases to be effective upon your death. Regardless of the size of your estate, a power of attorney is a necessary part of an estate plan. Same sex couples can utilize a power of attorney to ensure each has control of each other’s finances and estates. Asset protection is key in these situations.
Financial powers of attorney allow your agent to manage your estate on your behalf. Your agent can take certain actions like fund your living trust, communicate with financial institutions, and file your tax returns, even after you are incapacitated. Without a power of attorney your estate would face the costly alternative of a conservatorship. You can make them effective immediately upon signing or if you are incapacitated. Usually incapacity is determined by one or two doctors. You can also limit the power to a certain act like dealing with a specific parcel of real estate or limit its effective duration.
Advanced Health Care Directive is a separate document that deals with medical situations. You can specify your wishes in regards to the type of treatment you would like to receive if you are incapacitated. Many people have specific desires as to life-sustaining treatment, anatomical gifts, cremation, and burial. You can also appoint an agent to have decision making authority in the event you cannot make medical decisions on your own. The power can be made effective immediately upon signing or when you are rendered incapacitated.
Contact us at (925) 472-8000 for more information or if you questions.
