Durable Power of Attorney For Financial Decisions

A Power of Attorney is a document that gives a person of your choosing, over the age of 18, the power to sign documents, file your taxes, sell assets, and make other financial decisions on your behalf.

There are many types of Powers of Attorney documents, and they are only valid during your lifetime. A General Power of Attorney grants your chosen representative the authority to sign for you in any and all matters, whereas a special Limited Power of Attorney document can authorize specific limited powers to your representative such as just managing the sale of your home or your retirement account.

However, the General Power of Attorney is only designed to work while you are still capable of making decisions for yourself. If you become legally incapable of making decisions for yourself, a General Power of Attorney is no longer valid. Only a Durable Power of Attorney will still work in this case.

If you become incapacitated and do not have Durable Power of Attorney for financial decisions, then, unfortunately, a Conservatorship proceeding must take place through the Probate Court system to appoint a conservator to take responsibility for your estate.

Having a properly executed Power of Attorney will ensure continued management of your financial affairs if you become incapacitated while avoiding unnecessary court involvement and excessive costs and fees.

If you, or someone you know is in need of the above-mentioned legal services, please call our San Diego office at (619) 683-2545 to schedule a free, no obligation, one-on-one consultation with one of our experienced Estate Planning lawyers to discuss your legal needs. You can also contact us through our contact page!