Reasons to Designate a Power of Attorney
You can assign power of attorney (POA) to the person of your choice for a number of reasons. Whether you want someone to be able to make financial, medical, or other decisions for you, there may be a time when designating a POA becomes necessary. Here are a couple of reasons to consider this option.
- It’s not automatic – Some people have the mistaken idea that your mate can automatically make decisions for you regarding finances and health, but this is not the case. For example, if you become incapacitated, bank accounts that do not have your spouse on the account with you would no longer be accessible. Or, if you the sole owner of a vehicle or property, your mate would not be able to sell it without your consent. You have to assign a POA for anyone else to be able to handle these matters on your behalf.
- It offers convenience if you become incapacitated – You can assign a POA to handle day to day expenses, property sale, investments, mortgage payments, hiring of legal counsel, tax payments, and the like. As you get older, you may want a trusted friend or family member helping with these matters, so nothing slips through the cracks. It can be of even greater benefit if you become suddenly incapacitated.
Executing POA in California
If you need help designating a power of attorney, your estate planning lawyer can help. Contact Petrov Law Firm today to get in touch with experienced estate planning attorneys in San Diego. Just call 619.344.0360 to get started.