There are many different common estate planning documents that you may need to ensure that someone is named to handle making decisions on your behalf or managing your affairs if something happens to you.
Many people recognize one of the core components of estate planning is documenting what happens to your assets and who will care for your minor children after you pass away, but it is equally important to think about the possible risks of things like incapacity. Developing a document like a durable power of attorney is one way to address possible incapacity issues.
A durable power of attorney is in effect during your lifetime and may apply whether you have capacity or are currently incapacitated, depending on how you structure it. This document terminates on death.
The agent named to manage your financial affairs can do things such as selling real estate, making investment decisions, managing and accessing your bank account, paying bills, hiring service providers, applying for certain government benefits, filing and signing tax returns, and more.
This provides management of your financial affairs but automatically terminates on death. This can give you peace of mind that if something happens to you where you are unable to take action for yourself, you will have someone who is able, willing and knowledgeable about your individual interests and wishes to help you carry out these tasks.
If you were suddenly in an accident, going through surgery, or suffering from a short-term illness, having someone else named under your durable power of attorney can be extremely beneficial for you.
You can name prolonging acts, such as treatment, services, or procedures to maintain or manage your condition in a California durable POA for health care. If you’d like more insight on what to include and other common issues with POAs, contact our Pasadena planners now for more information.
