Do you need to set up Power of Attorney?
You may have heard about ‘power of attorney’ (POA) and wondered if you needed one. At the Law Office of David W. Foley we can assess your situation and draw up a POA that will allow your wishes to be carried out in the event you are unable to do so yourself. Whether you need a POA created to help you complete business transactions, or a POA so someone can make healthcare decisions on your behalf, or for other reasons, our San Diego attorneys can help. Please review the information on this page and contact us for more information.
A Power Of Attorney (POA) is a legal document that gives someone you choose the power to act in your place and make decisions on your behalf. The trusted friend or loved one is called ‘the agent’ and you are called ‘the principal’. There are two types of POAs: Health Care Directive (sometimes called a “Living Will”) and Asset Management. These will give the agent the ability to act on your behalf for both health care and financial decisions.
A regular POA expires when the principal (you) becomes incapacitated. This is not what you want. We hate to think of the possibility of an accident or serious illness, and even more the potential negative effects of aging. What if something happened to you that leaves you unable to make necessary financial decisions? Or unable to tell your doctor what kind of medical care you wish to receive? A DURABLE Power of Attorney will help you here.
A Durable POA gives authority to the agent to act for you if you become incapacitated. Only Durable POAs remain in effect when the principal is incapacitated. We issue Durable POAs with our living trusts.
However, all POAs expire when the principal of the power (you) dies. If you have a living trust when you die, the Successor Trustee becomes the person in charge of administering the trust, according to the wishes you have stated and instructions you have left behind.
We can provide a POA for people that already have, or don’t need a full living trust. Contact us now for more information and pricing.