Los Angeles – Riverside – San Bernardino – Orange County - California
An Important Estate Planning Tool
A Durable Power of Attorney for Management of Finances and Assets allows you to protect yourself against an unexpected period of incapacity.
It allows the person you appoint, known as the “agent” or “attorney in fact” to do anything you could have done if you were not incapacitated:
· Pay Bills
· File Taxes
· Manage Bank Accounts and Investments
· Collect Money Owed to You
Durable Powers of Attorney can be drafted so as to either “immediate” or “springing”, i.e., that the power springs into being upon your incapacity as certified by a licensed physician, and can help you avoid a costly conservatorship.
Peace of Mind
Executing a Durable Power of Attorney for Management of your assets and finances gives you the assurance that your appointed agent will speak for you when you are unable to speak for yourself.
Coordination With Other Estate Planning Tools
Because Durable Powers of Attorney expire when the Principal (the one who signs the Power of Attorney) dies, it is important to coordinate the use of the Durable Power of Attorney with a Will and/or a Living Trust.
Planning for Incapacity
Incapacity Planning also includes drawing up Advance Health Care Directives, and Durable Powers of Attorney for Health Care Decisions.
Nominating a Conservator
A conservatorship for the most part is something that you should avoid by proper planning through the creation of a living trust estate plan that includes a durable power of attorney for management of property and assets.
Conservatorships are designed to help protect you at a time when are vulnerable or incapable of managing your assets. As a type of court proceeding, conservatorships are public in nature and can be costly.
A key additional feature of any durable power of attorney should include the nomination of a conservator, so that you have control over the selection of the conservator if a conservatorship is deemed necessary and unavoidable in the future.
Protect Your Rights and Assets
The early stages of planning are critical.
Call me directly at 1-714-385-0044 to schedule a free 30 minute consultation
Dwight Edward Tompkins, Estate Planning Lawyer
Orange County Durable Powers of Attorney - Serving: Anaheim, Orange, Santa Ana, Seal Beach, Stanton, Trabuco Canyon, Tustin, Villa Park, Westminster, Yorba Linda. Los Angeles County Durable Powers of Attorney - Serving: Artesia, Carson, Compton, Hollydale, LA, Long Beach, Pico Rivera, Signal Hill, South Gate, Whittier. Riverside County Durable Powers of Attorney - Serving: Corona, Norco, Riverside. San Bernardino County Durable Powers of Attorney - Serving: Rancho Cucamonga, San Bernardino.