What Essential Documents are Included in an Estate Plan?
When you start an estate plan there are many forms you need to create in order to protect your assets and ensure your family inherits your property after passing away. Any good estate plan will include a living trust, pour-over will, powers of attorney, and a few other important documents.
What is a Power of Attorney?
A durable power of attorney is a document that gives a person (or organization) the power to act on your behalf in legal, financial, business, or healthcare matters. This document is an effective tool if you are out of the country and unable to attend to various matters (a power of attorney can access your bank accounts, handle business deals, or make financial choices), physically unable to move, or mentally incapacitated during an accident.
What Types of Power of Attorneys Are There?
POAs come in two major forms: one for finances and the other for healthcare. The finance POA allows a person to access your bank accounts, business accounts, and other financial documents. Your power of attorney can represent you in business deals and all other financial matters. Imagine if you are sick or uninjured and unable to move around with ease—your power of attorney can handle various matters on your behalf while you rest up and get better. The second type of power of attorney is for health care and is a part of your advanced healthcare directive (a series of documents related to your healthcare wishes). The healthcare POA allows a person of your choosing to act on your behalf when it comes to life and death healthcare issues. Imagine you are incapacitated in an accident and unable to make choices about how your care should be handled—in that case, your healthcare power of attorney will have the authority to make a decision based on your pre-discussed wishes on how the situation should be handled.
Call for a Free Power of Attorney Consultation
Remember, powers of attorney can be revoked at any time or changed without any issues. If your representative moves away, passes away, or no longer wants to serve, you can change the POA with ease. If you would like more information about powers of attorney or would like to start one, contact Elder Law Services of California at (800) 403-6078 for a FREE consultation with an expert estate planning attorney. We look forward to working with you.
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