Powers of attorney are documents that allow for designated persons to manage your financial affairs.  A durable power of attorney grants an agent the following powers: to buy and sell real estate, open and close bank accounts, and sign tax returns on behalf of the grantor.

Powers of attorney are often utilized when one individual is unable to execute documents that require the signature of two people, whether it be spouses, business partners, or other parties.  The power of attorney can be limited to various transactions including specific assets.  The power of attorney can take effect immediately or only upon a triggering event such as mental or physical disability.

Some powers of attorney end upon disability or incapacity and others can survive a disability or be triggered upon such an event.  If not stated otherwise, powers of attorney are automatically revoked as of the date of death.  Therefore, it is imperative to have a trust that allows for this, or a similar, authority to survive after death. Powers of attorney cannot provide for the distribution of your estate to your intended beneficiaries.

Additionally and importantly, the power of attorney does not extend to health care decisions. A separate power of attorney for health care is needed to enable another person to make health decisions for you when you are unable to make them for yourself. This is called an Advance Health Care Directive discussed in a separate link.

At The Law Offices of Esther Hopkins, we ensure that your personal and financial affairs are handled according to your directives as best foreseen and understood in advance.

The Law Offices of Esther Hopkins is a California estate planning and business law firm serving the communities of Thousand Oaks, Camarillo, Newbury Park, Oxnard, Simi Valley, Westlake Village, Agoura Hills, Calabasas and Los Angeles.

To set up an appointment or to get answers to your questions right away, call us at 818-597-3500.