Power of Attorney Lawyer in Downey Taking Precautionary Measures for Your Estate
Life is full of surprises, and while there is certainly no way to predict what each day may bring, it’s important to be mindful of the future as we live in the present. Taking certain precautions for our estate can help us find peace of mind knowing that our wishes will be fulfilled if something unfortunate should happen.
Having a power of attorney (POA) in place can be an important part of taking these necessary precautions. But living life day by day has its own set of rewards as well. It’s easy to get caught up in the hustle and bustle of everyday life without stopping to appreciate all that life has to offer. While being mindful of the future is important, it’s also essential to savor every moment and enjoy the little things. Taking time out for self-care, spending quality time with family and friends, and appreciating life’s blessings – all these things make life meaningful and worthwhile.
However, it’s critical to find a balance between living life in the here and now while also diligently preparing for any eventuality in the future. Resolve Law Firm, APC, is a tried and tested law firm that helps people create effective POAs. We understand the importance of having an up-to-date and comprehensive power of attorney document in place and how it works in conjunction with an estate plan. Call us today at 213-583-5547 for a free consultation with our team.
What is a Power of Attorney?
A power of attorney (POA) allows you to choose a trusted individual who will manage your financial affairs or make medical decisions on your behalf if you become incapacitated or are unable to handle such matters yourself. With a POA, you can ensure that your wishes are respected and that your desires are followed even when you cannot personally take action.
Having a POA gives you peace of mind knowing that someone you trust will manage your affairs and that they are legally authorized to do so. The POA document outlines the scope of authority granted, as well as how long it will remain valid. A properly drafted power of attorney can bring a great deal of comfort to both those who grant them and those who have been granted them.
What are Common Types of Powers of Attorney?
It is important to understand the different types of POAs and how they are used so you can make an informed decision when granting authority to someone else to represent you.
The most common type of power of attorney is a General Power of Attorney (GPA). This document grants broad powers to the individual or entity selected by the principal, allowing them to take any legal action on behalf of the principal. This includes financial decisions, such as opening new bank accounts, entering into contracts, purchasing real estate, making investments, and managing other assets. GPAs are typically used when someone needs a trusted individual or entity to handle their affairs while they are away or unable to deal with them due to illness or disability.
Another type of power of attorney is a Durable Power of Attorney (DPA). A durable POA has similar powers as GPAs but remains in effect even if the principal loses mental capacity and can no longer make decisions for themselves. This makes DPAs particularly useful for elderly individuals who want somebody else to handle their affairs if they become incapacitated.
Limited Power of Attorney (LPOA) is another type of POA that gives authority over specific transactions instead of general control over all financial matters. This type of POA is commonly used when there are complex operations involved, and the principal wants only certain tasks accomplished without having unlimited power granted to another person.
Finally, Springing Durable Power Of Attorney (SDPA) takes effect only under certain conditions, such as disability or incapacity, rather than from the time it’s executed, like with regular DPAs and GPAs. A springing power of attorney must be carefully worded so that it’s clear when they become effective. Otherwise, there could be complications preventing them from taking effect at all.
When granting someone else power over your affairs in any way, it’s important that you fully understand what kind of power you’re giving them and the limitations in order to make sure your interests are protected at all times. Our law firm can guide you through your options and steer you toward the right power of attorney for your needs.
Who Should I Appoint as My Attorney-in-Fact?
Giving someone power of attorney is an important decision that should not be taken lightly. It is important to ensure the person named as your POA is trustworthy and will act in your best interest when you are unable to do so yourself.
The most obvious choice for a POA would be a close friend or family member, such as a sibling, parent, or spouse. However, there are other considerations when choosing a POA. For example, if you have complex financial matters or own multiple businesses, it may be wise to choose a lawyer or financial planner as your POA rather than a family member who may not have experience dealing with these types of issues.
It is also important to consider whether the person you choose is geographically close to you and will be available when needed. You may wish to choose someone who lives in the same city or state or even another country if that is more practical for your situation.
Lastly, it’s crucial to think about whether the person you’ve selected is prepared and eager to assume that role. This entails being well aware of the responsibilities of being a POA, such as addressing financial problems, making banking transactions, managing brokerage accounts, dealing with business operating transactions, making healthcare choices on your behalf, and dealing with other legal issues in an emergency.
Is Hiring a Power of Attorney Lawyer in Downey Worth It?
Hiring a power of attorney lawyer in Downey can be an important part of taking control of your legal, financial, and health care decisions. With a power of attorney lawyer in Downey, you can make sure that all your decisions are legally sound and in accordance with state laws. Founding attorney of Resolve Law Firm, APC, Le’Roy Roberson, has years of experience in estate law. He understands the importance of having a strong legal advocate on your side when setting up a power of attorney. Call us today at 213-583-5547 for a free consultation!