So you’ve heard that you need to have a financial power of attorney, but you’re not exactly sure how this could benefit you in the state of California. There are many different benefits associated with putting together a financial power of attorney, but it might not yet be clear to you why you should have one or why you could benefit from having such a document.
Without a financial power of attorney, it falls to the courts to appoint someone to act as your agent through a conservatorship or guardianship proceeding. This means that your family member or friend who wants to obtain conservatorship or guardianship has to file a petition with a local court and submit evidence that shows you have become incapacitated, so that the court can evaluate who should be appointed to manage your affairs. The benefits of creating your own financial power of attorney are numerous, including:
- Avoiding the costs or delays of conservatorship or guardianship hearing.
- Choosing who will act as your agent rather than allowing this decision to fall to the courts.
- Preventing questions and concerns about your intent, since you can easily clarify these in your power of attorney document.
- Provides you the opportunity to discuss specific wishes and desires you have with your loved ones.
- Protects the person you name as an agent from being accused of financial abuse.
Schedule a consultation with a Pasadena estate planning lawyer to talk further about how you can benefit from using a financial power of attorney today.