Here at the Law Offices of Alice A. Salvo in California, we help families, both new and established, devise estate plans that meet their current and future needs. We realize, however, that many people labor under the misconception that only wealthy people need estate plans. Nothing could be further from the truth.
There are a number of benefits associated with a power of attorney, especially if one is worried about their inability to make key decisions for any reason in the future. Many people decide to name their spouse when creating a power of attorney, since their marital partner knows so much about them and should be able to make the right decisions should they become incapacitated for one reason or another. However, this can be problematic when a marriage falls apart and a couple is no longer together. If you have recently divorced or plan to file for divorce and have assigned these responsibilities to your spouse or former spouse, it is important to change your power of attorney.
In the sometimes confusing world of California estate planning, the confusion often comes from the same type of documents being called different names. Such is the case when it comes to your health care proxy. MedicareInteractive.com explains that a health care proxy can also be known as a durable health care power of attorney, appointment of health care agent or surrogate, or a living will.
Everyone knows what a Last Will and Testament is, but did you know that you can set up a trust in your California will? You can. Trusts of this type go by the name of testamentary trusts, but some people refer to them as will trusts or trusts under will.
At the Law Offices of Alice A. Salvo in California, we draft numerous powers of attorney for our various clients. Depending on a client’s specific needs, (s)he may require one or several of them.
At the Law Offices of Alice A. Salvo in California, we help many individuals and families establish their estate plans. A health care directive represents one of the most important estate planning tools you can use. This document sets forth your preferences as to the end-of-life medical care you want and do not want at the point where you become incapacitated in some way and can no longer make those decisions for yourself.
As a California resident, you may have heard your friends and/or family members talking about their estate plans on occasion. Depending on who they are and what their own estate plans include, they may have used such words as “will,” “living trust,” “health care directive,” “financial power of attorney,” or any number of other words or terms.
As a financially responsible Californian, you likely have always personally handled all your finances from balancing your checkbook to keeping track of your 401(k). You may even own a family business or professional practice that requires you to make long-term financial decisions as well as day-to-day operational decisions. But what if you become ill or injured and cannot do these things for yourself?
As you are making estate planning decisions in California, there are many things you need to consider. You not only need to think about what happens after your death, but you also need to make decisions regarding end-of-life issues. While it may be unpleasant to think about these concerns, it can save your loved ones a great deal of distress if you make these decisions now.
In order to make a valid Last Will and Testament in California, you must have the testamentary capacity to do so. As the Orange County Bar explains, testamentary capacity, i.e., legal mental capacity, and general mental capacity are defined differently.