Los Angeles Powers Of Attorney For Medical And Financial Decisions

Powers of attorney are legal documents that give one person or group (the agent) the right to make decisions on behalf of another person. These documents are flexible in the way they can be utilized from individual-to-individual and can be highly useful in your everyday life. If you can’t make decisions about important things in your life because of illness, a busy schedule, traveling, or other life circumstances, you can give someone you trust the power to step in your shoes and act in your best interests.

There Are Two Major Buckets To Powers of Attorney

When you can’t take care of important things yourself, giving power of attorney to someone you trust can ensure they are handled carefully. In general, powers of attorney take care of two major life concerns:

Financial & Business Management

You can give someone the power of attorney to handle your bills, payroll, taxes, investments, stocks, royalties, or other financial matters. Delegating this authority to a trusted individual can give you critical peace of mind when you cannot handle these matters yourself.

What’s more, even if you don’t plan to step away from your business or personal matters on a day-to-day basis, executing a power of attorney is a good backup plan. You can also give an agent the power to act on your behalf when buying or selling real estate or doing other important business.

Medical & Healthcare Management

When a medical emergency happens, the person’s family and friends often don’t know how much life-saving care the person would want. Every adult should have their wishes expressed on paper for medical care. Because of how high the stakes are when making medical decisions, you can take some of the burden off of your agent or loved ones by being as specific as possible when delegating healthcare and medical decisions.

 

Understanding California Power Of Attorney Laws

Located in Woodland Hills, California, Los Angeles attorney Alice A. Salvo helps clients establish California powers of attorney services for financial and healthcare matters. Knowing who will make important decisions on your behalf is not always an easy choice, but it can provide you with the proper care and financial security to let you focus on your own needs. We will take the time to understand your concerns and can help you pursue effective power of attorney services. With more than 25 years of experience, we make it convenient to help you understand power of attorney laws and the many benefits of related documents.

Having a power of attorney lawyer for assistance can ensure all correct language is included in both the durable power of attorney for finances and healthcare. The power of attorney lawyer can also make sure the document reflects current law. Avoid the mistake of having your family take on the stressful situation if there is an existing document that is not properly prepared or no financial California power of attorney when one was needed.

Power Of Attorney For Financial Matters

California law permits you to create powers of attorney for a variety of purposes, including personal and medical care. A financial power of attorney, on the other hand, addresses decision-making authority over your property and assets, such as real estate, enterprises, and financial accounts. When you create a financial power of attorney, you will choose a person of your choice to serve as your attorney-in-fact or agent, who can perform a number of duties on your behalf depending on your needs and wishes.

Some of the duties you can delegate to your agent through a financial power of attorney are as follows:

  • Managing your bank accounts’ deposits, withdrawals, and transfers
  • Keeping track of your investment portfolio and retirement savings
  • Managing your company’s contracts, acquisitions, sales, income, and expenses
  • Managing your own expenses, such as bills, loans, and healthcare costs
  • Creating and administering trusts in your name
  • Tax preparation and filing obligations
  • Purchasing insurance protection
  • Applying for government assistance

 

Your agent is required by law to act in your best interests and manage your finances in the manner that a reasonably prudent person would. That being said, you should carefully consider who is best qualified to serve as your agent based on aspects such as honesty, good judgment, and financial acumen.

There Are Various Types of Financial Power of Attorney

You can also decide how much power your agent will have and when that power will take effect. We can help you choose between the different kinds of financial power of attorney, such as:

Limited Power Of Attorney

With a limited power of attorney, you can tell your agent what situations or decisions they can make on your behalf. It might be a good choice if you still want to take care of most of your own business but know you will need help in limited circumstances.

General Power Of Attorney

If you give your agent a general power of attorney, that person can handle all of your financial affairs. It might be a good choice if you can’t or no longer wish to take care of your own financial matters and would like to hand these duties to someone you know you can trust.

Durable Power Of Attorney

You need a durable power of attorney if you want your agent’s power to stay in place if you get sick or hurt and can’t do things for yourself. In California, you have to put in writing that the power of attorney for money is durable.

Power Of Attorney For Health Care

When you have a power of attorney services for health care, the document designates a person responsible for making medical decisions for you in an emergency. A health care directive should be as detailed as possible to meet all your needs and address issues such as cremation and organ donation. The document may take effect once a doctor declares you lack the capacity to make your health care decisions for yourself or may take effect immediately. You can give the power to make decisions to someone you trust, such as a close family friend or loved one. In general, the person you name as your agent in a power of attorney has the same power to make decisions about your health care as you would.

With the assistance of a Los Angeles lawyer, setting up a power of attorney for health care is the right thing to do. Make sure to legally implement all of your healthcare wishes should an emergency arise.

Power Of Attorney Is Part Of A Comprehensive Estate Plan

You may be healthy now, however, an unexpected accident or illness could create havoc in your life if you have not prepared for someone to have the power of managing your affairs. It is a good idea to establish a power of attorney so that someone is able to manage your affairs in case an unexpected situation arises. Contact our Los Angeles Attorney today. To schedule a free initial consultation, call 818-676-9572, or complete our online contact form to have your power of attorney law questions answered.