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Durable Power of Attorney for Finance

Learn More & Seek Advice from Our Tarzana Estate Planning Lawyers

Having a Durable Power of Attorney for Finance (DPOA) is an important and often overlooked part of an estate plan. As an adult who is over the age of 18, it is critical to have this legal document to protect you when you cannot make legal or financial decisions.

At Goldfarb & Luu, we take time to meet with our clients, really listen to their needs and provide a lot of education and guidance. We come up with a plan and implement it most effectively to best help you. Contact our Tarzana estate planning attorneys today to learn more.

Why Do I Need a Power of Attorney?

By creating a DPOA, you are authorizing another person (called an Agent or Attorney-in-Fact) to make legal and financial decisions on your behalf when you cannot make them yourself.

MYTH #1: I can make financial decisions for my spouse, aging parent or young adult child right now.

Similar to an Advance Health Care Directive, you cannot make legal and financial decisions for a family member without a properly executed DPOA. It does not matter that you have a familial relationship. Only a DPOA or court order authorizes you to make these decisions for someone else.

MYTH #2: I can create a DPOA on my own. Besides, it’s not that important.

A DPOA is integral to a comprehensive estate planning. There are many pitfalls of not having a DPOA or having a poorly drafted one.

Why Do I Need To Hire An Attorney?

Powers of Attorney are very flexible instruments that can be written in broad or narrowly tailored ways and should be drafted to reflect your specific needs and circumstances.

A Power of Attorney can either be “general” or “durable”

  • A General Power of Attorney expires at the end of the specified time period or when a specified activity is completed. It loses effect when you become incapacitated.
  • A Durable Power of Attorney has no such limitations and continues to be effective even if you become incapacitated.

A DPOA allows your Attorney-in-Fact to stand in your shoes. A DPOA authorizes your Attorney-in-Fact in make many legal and financial decisions for you; however, there are certain limitations that you should be aware of. Expert planning is required to maximize the powers of your DPOA.

A DPOA can list several Attorney-in-Fact agents. A DPOA can list several individuals to serve as Attorney-in-Fact, however, it must be drafted carefully to work effectively and avoid any problems.

Our Tarzana estate planning attorneys can counsel you on the specifics of your situation. We can advise you on the benefits and drawbacks of your estate planning options and help counsel you to make the right decisions for you and your family. We can then help you draft, review and understand your Durable Power of Attorney.

Call Goldfarb & Luu at 800.489.1984 to schedule your free initial consultation today.

Devoted to Making Clients for Life

At Goldfarb & Luu, we recognize the importance of treating our clients with the utmost respect and compassion. We do whatever we can to make sure our clients have peace of mind. Everything we do – from our actions to our processes – is focused on making sure you know we care. Whether you have a crisis that requires our immediate attention or simply have questions that demand answers, we find solutions and take care of your best interests. The result: a life-long relationship of mutual trust.

Why Hire Us?
  • Hundreds of clients helped throughout California
  • Years of experience handling estate and elder law matters
  • Selected as Super Lawyers® Rising Stars℠ for 2013, 2014 and 2015
  • Compassionate, thoughtful, and comprehensive legal solutions based on your needs