Powers of Attorney
Thousand Oaks Estate Planning Lawyer
A power of attorney is a document that appoints a person to act on the creator, or principal's, behalf regarding medical, financial, or property decisions and is only valid while the principal is still alive. Once the principal dies, the power of attorney becomes invalid.
Choosing an agent to act on a person's behalf may be extremely difficult. This person must be trustworthy, willing to carry out the principal's wishes, and should not take advantage of the principal when they are incapacitated. Usually an agent is a family member or friend, but it can be anyone the principal chooses who is willing to accept the role.
If you wish to create powers of attorney, please contact a Thousand Oaks estate planning attorney at our firm.
Power of Attorney for Property Management
A power of attorney for property management is an essential part of a valid estate plan. If you become disabled, someone you trust should be able to manage your property and maintain your financial affairs. You can limit an agent's power, or give them complete control over your assets.
For example, an agent may buy and sell property; buy, manage, or sell real estate; and handle banking transactions on your behalf. If allowed, an agent also has the power to file tax returns, settle claims, and sign checks. It is important that you include what exactly you wish your power of attorney to do for you while you are incapacitated. That way, there is no confusion over what is expected from the power of attorney.
Estate Planning Attorney in Ventura County, California
There are many different types of powers of attorney, and our firm has the experience to advise which type is best for you and your needs. We may also be able to help you choose a capable agent who will carry out your financial wishes if you become disabled.
Since agents are not monitored by the court, it is extremely important that you choose a responsible and honest friend or family member who will not take advantage of your situation. Powers of attorney can only be created when you are of sound mind, so it is important to plan who will manage your finances if you become incapable of doing so.
Please call our firm today at (805) 372-1507, or fill out a complimentary case evaluation, to learn what our firm can do for you.