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Power of Attorney

Durable Power of Attorney over Finances

A durable power of attorney for finances (DPAF), sometimes called an attorney-in-fact, authorizes a trusted friend or relative to handle financial matters on your behalf should you become incapacitated. For instance, they can pay your house payment should you become seriously injured and unable to do so yourself.

A DPAF is especially important for those who are facing a serious illness that is likely to cause periods of incapacity. Putting this document in place early and having a discussion with your financial agent can help you avoid late fees, foreclosure or provide cash to help take care of your kids while you are incapacitated.

What information do I need for my DPAF?

In order to put your Durable Power of Attorney for Finances you will need to decide:

  1. Who you want to give your Power of Attorney.
  2. An alternate Power of Attorney should your primary agent be unwilling or unable to serve.
  3. If you want your DPAF to come into effect upon signing the document or only once you are incapacitated.

When does a Durable Power of Attorney come into effect?

You can design your DPAF to come into play either when you become incapacitated or when you sign the document.

Incapacitated. The advantage of having your DPAC come into play only once you are incapacitated is that you reduce the risk of your attorney-in-fact abusing their powers as they will not having any until you are incapacitated. The disadvantage is you will have to be incapacitated, as defined in the document, before they have powers. This will not give them power when you are just feeling ill or otherwise unable to tend to your finances.

Upon Signing. If you grant your attorney-in-fact powers once the document is signed, your attorney-in-fact can act on your behalf from that day forward. There is always some risk they might take advantage of this powers, so you will want to choose your attorney-in-fact carefully.

Get in touch with me, your Oakland estate planning attorney, and let me guide you through the process, starting with a free initial consultation!

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Summerall Law, P.C. - Oakland Estate Planning Attorney
Located at 3873 Piedmont Avenue, Suite 8,
Oakland, CA 94611
Phone: (415) 275-3283
Local Phone: (510) 922-0747
Website:
Probate.com

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

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