A financial power of attorney is a document which gives permission to someone you (the principle) trust, referred to as an “agent” or “attorney-in-fact,” to handle and manage your important financial and legal matters. Upon execution of a legally enforceable financial power of attorney, the designated agent may act on your behalf in certain dealings with third parties. The document is carefully drafted to include the specific powers and limitations that one may want an agent to abide by. Additionally, a power of attorney can be worded such that it either becomes effective immediately, or upon the occurrence of a future event. Likewise, the authority conferred can terminate in one of numerous ways, depending upon the wishes of the person granting the authority. A durable power of attorney can be drafted to allow the authority of the agent to continue after incapacity of the principle, thereby eliminating the need to have a court appoint a guardian to manage your property and affairs.
WHAT POWERS CAN AN AGENT HAVE?
The common powers granted to an agent include the ability to engage in the following:
- Real property transactions
- Personal property transactions
- Stock, bond, or securities transactions
- Banking / Financial institution transactions
- Insurance transactions
- Claims and Litigation
- Estate and Trust transactions
- Tax Matters
- Retirement benefits
- Making gifts to charity
- Operation of a business
- Safe deposit box access
- Government benefits
Our attorney can assist you by appointing a third party of your choice to handle your finances in the event you can no longer take care of your financial affairs. Usually, clients will designate a family member, close friend, or a professional to occupy the position. Whatever your needs may be, our experienced attorney can prepare a carefully drafted financial power of attorney that satisfies your specific objectives and is tailored to the requirements of California law.
Contact the Justice Attorney Group to begin your financial power of attorney and protect your assets.