What is a Power of Attorney?
As an individual, the law protects your right to control your finances and make decisions. However, there may be a time when you may require the assistance of another appointed person when you either cannot decide for yourself or no longer wish to do so. Unfortunately, life is filled with unexpected circumstances, and a Durable Power of Attorney is another right you can access should you need it. The extent to which the designated agent may act is entirely left to your discretion, which could include but is not limited to, financial decisions or signing documents on your behalf. The appointed agent may also be able to make decisions regarding your estate plan. This does not mean they can re-write your will, but you may want to have them manage your trust, transfer funds, or make amendments. There is a high level of scrutiny as to whether certain decisions may directly or indirectly benefit the agent or attorney-in-fact, so it's essential to consult an experienced Los Angeles County Attorney.
For more information, please visit our blog post on Durable Power of Attorney.
Situations That Merit a POA?
Whether we like it or not, there are times in our lives that require careful consideration and planning, which can include giving another person decision-making powers. By establishing an agent or attorney-in-fact ahead of time, your assets and quality of life can benefit greatly from just a bit of precaution. As they say, an ounce of prevention is worth a pound of cure.
Some situations that you may require a Power of Attorney include, but are not limited to:
- Lack of mental or physical capacity (a Springing POA would be implemented);
- Involved in a debilitating accident;
- Old age;
- Contracted illness that would hinder your ability to make decisions.
As you can see, the possibilities vary and are unpredictable. Designating an agent to handle your matters in case of such an incident dramatically decreases the stress you would need to experience otherwise.
Call an Experienced Attorney
Hiring an attorney to establish a Power of Attorney eliminates the headache and complicated process, saving you time and money. Don't wait. The Law Offices of Edward C. Ip & Associates is here to assist you in all areas of Estate Planning, including drafting a Power of Attorney. Call us today at (626) 228-0638 or email us at [email protected]!
**The information provided on this post does not, and is not intended to, constitute legal advice; rather, all information, content, and material on this post are for informational purposes only.**