What Is A Power Of Attorney For Finances?
A Power of Attorney for Finances is a legal document that allows you to give someone else (called your “agent’) the power to act for you, even after you have become incapacitated.
Whether you have a large estate or small estate, this document is almost always needed for every individual.
1. Having a Power of Attorney for Finances will guarantee that someone will take care of your finances if you are unable to because of incapacity. Your agent will be able to take care of the most simplest tasks such as paying a bill, buying groceries using your credit card, or writing a check.
2. The alternate to not having a Power of Attorney for Finances is a lengthy and costly process called Conservatorship Proceedings. If you do not have a Power of Attorney for Finances and are incapacitated, your loved ones will have to hire an attorney, spend money and waste time going to court in order to obtain a conservatorship over your estate. This process is both costly and lengthy, but it is also public information.
3. A Power of Attorney for Finances is extremely affordable and can save you time and money in the future.
Power of Attorney for Finances
Immediate Vs. Springing
Your Power of Attorney for Finances can take effect immediately (called Immediate Power of Attorney for Finances), or can “spring to life” (called a Springing Power of Attorney for Finances) after you have been determined to be incapacitated by your doctor. We will be able to advice you on exactly the type of Power of Attorney you will need based on several factors, including, marital status, personal preference, health and much more.
Who Can Make A Power Of Attorney For Finance?
Any person 18 years or older can make a valid document that gives instruction regarding his or her finances. The person must also have capacity–that is, be of sound mind and understand the document that he or she is signing.
Click here to read more about it: Durable Power of Attorney for Finances: Do I need one?
For more information on Power of Attorney for Finances, contact us at 818-649-9110 or click here.
