For various reasons, you may wish to grant someone the legal authority to make certain decisions or take certain actions (such as opening or closing financial accounts, managing investments, and paying bills) on your behalf. In California, you can do so by granting someone power of attorney.
This isn’t a task you need to handle on your own. To ensure you’ve properly established a power of attorney correctly, it’s recommended to coordinate with an experienced attorney. At the Law Offices of Andrew Cohen, a Sherman Oaks power of attorney can manage this task for you, while also answering any questions you may have about the topic.
Reasons For Establishing Power of Attorney In Sherman Oaks, CA
Someone who grants another person power of attorney is referred to as a principal. The person to whom they grant power of attorney is the agent.
Power of attorney comes in four major types. They are:
General Power of Attorney: When someone has a general power of attorney, as an agent, they typically have the same rights and authority as the principal. For example, they can manage their financial accounts, speak and act on behalf of the principal, pay bills, and more. When the principal passes away or becomes incapacitated, a general power of attorney will usually be terminated. The principal may also revoke general power of attorney at any time.
Durable Power of Attorney: Someone who has durable power of attorney has the same powers they would have if they had a general power of attorney. In addition, a “durable” clause ensures they retain these powers even if the principal becomes incapacitated.
Special or Limited Power of Attorney: As the name implies, this type of arrangement limits an agent’s powers so they only apply to a certain area.
Springing Durable Power of Attorney: This arrangement allows power of attorney to “spring” into effect in response to a specified event. For example, with this type of power of attorney, the agent may not actually be granted power of attorney until/unless the principal becomes incapacitated.
Actions that someone with power of attorney might be able to take include (but aren’t necessarily limited to) the following:
Accessing the principal’s financial accounts for pay for healthcare and other such needs
Filing the principal’s taxes
Making investment decisions on behalf of the principal
Collecting debts on behalf of the principal
Managing property on behalf of the principal
Making decisions about the type of medical care the principal receives
Making decisions regarding where the principal lives if they move to a long-term care facility
Deciding which doctors the principal receives care from
How A Sherman Oaks Power oOf Attorney Lawyer Can Assist You
Determining which type of power of attorney arrangement is ideal for your goals may be easier if you discuss the matter with a legal professional who’ll help you better understand each option. Additionally, a lawyer can assist you in ensuring power of attorney is properly drafted and established.
Speak with a Sherman Oaks power of attorney for more information. At the Law Offices of Andrew Cohen, we’re prepared to help you navigate this process. Get started today by contacting us online or calling us at 661-481-0100.