power of attorney for finances california

You can authorize an agent to represent you in this single real estate transaction the limited power of attorney ends when the specified transaction is complete. As an example, suppose you will be out of the country during the time a real estate deal is closing. A limited or specific power of attorney allows an agent to act within a specifically defined situation. In the state of California, a power of attorney is made durable simply by adding “This power of attorney shall not be affected by the subsequent incapacity of the principal.” A springing power of attorney does not go into effect unless and until the principal becomes incapacitated, so, by its very nature, a springing power of attorney is also a durable power of attorney.Ī general power of attorney gives an agent broad authority for many different legal and financial matters, other than health care decisions. A durable power of attorney continues even if the principal becomes incapacitated. Generally speaking, a power of attorney is either defined by the amount of time it is in place, or by the types of legal matters authorized. The rights a power of attorney conveys is dependent on the type of power of attorney in place. What Rights Does a Power of Attorney Have? It might or might not ever be necessary, however if it does become necessary the principal has peace of mind knowing there is a trusted agent to handle his or her affairs.

A power of attorney is a way of planning ahead. A power of attorney goes into effect as soon as it is signed and witnessed, but the principal retains the right to manage his or her finances or health care so long as he or she is able. The power of attorney can be very specific, authorizing an agent to perform only one specific task, or it can be more general, authorizing an agent to oversee all financial matters. Having a power of attorney in advance may allow you to avoid having to go to court and set up a conservatorship in the future-a lengthy, complex process. You will keep the original documents in a safe place and make copies for all those involved. If you are obtaining a power of attorney for your parents or another elderly loved one, you will want to go over the forms with the person or persons, then have the documents signed and witnessed and signed by two other people or by a notary public. There are several types of powers of attorney, with two of the most common being a durable power of attorney which encompasses financial decisions and a medical power of attorney which covers decisions related to health care. A document in which a person designates a family member or friend to act in their place is known as a power of attorney. Or perhaps you wonder how you could access a loved one’s finances to pay bills and make other key decisions should that person become incapacitated. Perhaps parents are getting older, and you are worried about whether they will be able to continue to handle their finances. There are many instances in which a power of attorney could be applicable. The basic requirements for a power of attorney are that the principal must have the legal capacity to enter into a contract and must be at least 18 years of age. The laws regarding California powers of attorney are found in the California Probate Code. Can a Power of Attorney Include Multiple Agents?īy Gullotta Law Group on April 18th, 2019 in What is a Power of Attorney?

Power of attorney for finances california