Granting someone power of attorney is a process in which an individual officially gives someone the right to take various types of important actions on their behalf. No matter what your reasons might be for wishing to grant someone power of attorney, to ensure that you do so properly, it is vital to coordinate with a legal professional who has experience handling these matters.
Are you planning on granting someone power of attorney in the Encino, California area? If so, discuss your plans with an Encino power of attorney lawyer at the Law Offices of Andrew Cohen. Mr. Cohen and our team will guide you through every step of this process.
Types of Power of Attorney
There are four basic types of power of attorney. They are:
- General power of attorney: Someone who is granted general power of attorney can perform a wide range of actions and can handle a wide range of tasks on behalf of the principal. Examples include opening and closing financial accounts, managing personal finances, and more. However, a principal can revoke general power of attorney. General power of attorney might also be terminated by default if the principal becomes incapacitated.
- Durable power of attorney: In some circumstances, the principal might want someone with power of attorney to retain their power if they were to become incapacitated. If so, they would grant someone durable power of attorney.
- Special or limited power of attorney: Sometimes, a principal might want an individual to have certain rights and responsibilities associated with power of attorney, but not others. They can grant someone special or limited power of attorney accordingly. For instance, the principal may want to grant someone power of attorney that allows them to make decisions about the sale of real estate investments.
- Springing durable power of attorney: This form of durable power of attorney remains inactive until a certain specified event occurs. For example, with a springing durable power of attorney arrangement, an individual who has technically been granted power of attorney may only be able to exercise their powers if the principal becomes incapacitated.
Determining what type of power of attorney arrangement is ideal for your goals can seem overwhelming. It doesn’t have to. A qualified Encino power of attorney lawyer can thoroughly explain your options to help you make the ideal choice.
Reasons to Establish Power of Attorney in Encino, CA
There are many potential reasons why you may choose to grant someone power of attorney. The following are specific rights and responsibilities someone with power of attorney may have:
- Managing the principal’s finances to pay for medical treatment and realted needs
- Filing taxes for the principal
- Investing the principal’s wealth
- Collecting debts for the principal
- Managing the principal’s assets and property
It is often the case that someone is granted power of attorney so that they can make healthcare decisions for the principal. Someone with power of attorney may be able to decide:
- Which treatments and forms of care the principal will receive (or not receive)
- Which physicians and other medical professionals will provide care and treatment
- Where the principal will reside if they need long-term care
Contact an Encino Power of Attorney
If you are ready to grant someone power of attorney or you simply have more questions about this topic, an Encino power of attorney lawyer at the Law Offices of Andrew Cohen is prepared to offer the assistance you need. Learn more about what we can do for you by contacting us online or calling us at 661-481-0100.