Power of attorney allows one or more trusted people to make decisions for a loved one if they become unable to make decisions for themselves. A person may be unable to make decisions when they face mental degradation or are physically incapable. Power of attorney can have limits to certain actions such as such as only being able to purchase real estate. Powers of attorney are an important step in estate planning as your loved ones help ensure your wishes are complete. Power of attorney is acceptable in all states, though some states operate with different rules and requirements.
Types of Powers of Attorney
In California there are two types of powers of attorney: a financial and medical or healthcare power of attorney. Both types come with their own set of rules and regulations. With financial powers of attorney, the person making the decisions (aka “the agent”) makes business and financial decisions for someone else. Medical power of attorney allows the agent to make decisions regarding your health and medical treatment. Both types are a great tool for planning out the road ahead and guarding against the unexpected. It is important to note that, according to Nolo, California requires a “capacity to contract.” This contract requires that a person selected as an agent will resist financial fraud or other acts and temptations.
Who Should You Choose to be Your Agent?
Deciding who should be your agent for a power of attorney is not easy. As long as your chosen agent is not a minor or incapacitated, anyone can act in your stead. It is important that your choice of agent should be someone close such as a family member or close friend whom you believe acts with integrity and has your best interests in mind. If you choose to name two or more agents, all agents should be on the same page. Disagreements can happen among agents, so consider who will align with your interests and plays best with others.
Helping Our Inland Empire Neighbors One Document at a Time
Planning for the future can be overwhelming and uncomfortable. The last thing you will want to do is deal with a long, confusing paperwork process. Enter: ProSe Legal’s expert LDAs! Our experienced LDAs have years of training and are ready to help ease the process of estate planning.
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