Durable Power of Attorney
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Should You Have a Power of Attorney?
A power of attorney document assigns an agent to make financial decisions on your behalf if you become incapacitated, outlining the specific powers they hold. This may include depositing funds, writing checks, or managing business finances.
A power of attorney automatically expires upon your death, so it’s crucial to appoint a trusted agent who can work closely with your estate litigation attorneys in Orange County or Los Angeles.
Wills
A document directing who will receive your property after death, a will names representatives or executors to oversee this process, guardians to care for dependents, and conservators to manage property for them. Wills can name trustees of property and even caretakers for pets. However, a will does not transfer non-probate property such as real estate owned with rights of survivorship.
Living Trusts
Also called a revocable living trust, a living trust is created while you are alive and can be revised at any time. You can amend the trust if you wish to appoint a different beneficiary or trustee. If you decide you don’t like the agreement, you can revoke it or change the terms and reinstate the trust. A revocable living trust is similar to a will, albeit more flexible.
Advance Health Care Directives
A type of estate plan, an advance health care directive reveals your preferences to the type of care to receive if you become incapacitated. The directive can specify who makes vital health care decisions for you, whether you designate a spouse, other family member, or friend. It can indicate procedures this agent cannot authorize. Also, the agreement is indefinite unless you specify a termination date or revoke the directive.
Durable Power of Attorney
A document that appoints an agent to make financial decisions on your behalf should you become incapacitated. The powers this agent has are clearly stated in the document. It can authorize them to deposit funds to a bank account, write checks, or make financial decisions for a business. Powers of attorney expire upon your death, so you should appoint a trusted agent/representative who can consult with your Orange County or Los Angeles estate litigation attorneys.
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