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.
