Designating a power of attorney – a trusted person you choose to make health care or financial decisions for you in the event you become incapacitated – is one of the most important decisions you will make when making your California estate plan.
While many people know a little about powers of attorney, what you may not know is that there are different kinds of power of attorney designation options, including:
General – a general power of attorney designation gives your agent comprehensive powers to act on your behalf and ends at your incapacitation or death. It can also be rescinded at any time.
Limited – a limited power of attorney provides your agent with the power to act on your behalf for a limited time – for example, if you are traveling and need to close on a house, you could give your agent a limited power of attorney to perform that duty for you.
Durable – a durable power of attorney stays in effect if you become incapacitated, and ends when you die. It can be rescinded, but only when you are of sound mind and body.
Springing – a springing power of attorney only comes into effect upon the occurrence of specified circumstances – i.e., if you become incapacitated.
Consulting with an Irvine estate planning attorney will provide you with guidance on which power of attorney designation is best for your personal situation.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.