A power of attorney document can be relatively simple to execute and can be very succinct in its powers, but this is a very powerful and important estate planning tool.
This is because you’ll appoint an agent, also known as an attorney in fact, to handle activities that you may not be able to do on your own due to incapacitation. There are four primary ways that you can execute these privileges through a power of attorney; a springing power of attorney, a general power of attorney, a durable power of attorney, or a limited power of attorney.
In certain situations, however, it might be necessary to remove a party from their power of attorney privileges. Upon death, every power of attorney is automatically terminated.
A termination date can also be included in the initial draft of this document for an exact time and date for the termination of these privileges. A power of attorney can also be revoked. This can be revoked by the person who created the power of attorney so long as he or she is competent at the time of revoking it.
A consultation with an experienced estate planning lawyer can help you to understand many of the most common impacts around creating and revoking a power of attorney. The support of an estate planning lawyer in Pasadena can be instrumental when deciding who to appoint as your power of attorney agent and the circumstances under which you may wish to revoke these powers.