When you create a financial power of attorney document, you can do so to allow them to have general powers, or you can give them a specific list of things that they are entitled to do if and when the power of attorney document becomes active.

Basic forms, which might be good for you to review in advance if you are meeting with your estate planning attorney, can give you a sense of the different types of ways that you might pass over authority to your power of attorney agent. This can include things such as:

  • Annuities
  • Digital Property
  • Bonds and stocks
  • Real property
  • Banks
  • Commodities and options
  • Tangible personal property
  • Litigation and claims
  • Taxes
  • Personal and family maintenance
  • Government or military service benefits
  • Retirement plans
  • Business entity operation

There might be some pieces of property on this list that you won’t have. You might be tempted to skip that category, assuming that it does not apply to you. However, without meeting with an experienced estate planning attorney you could make big mistakes that could follow you for some time. For example, you might not know what’s considered digital property and you may inherit something in the future that does fall into that category.

This is why many people choose to grant general authority over all types of property, even those kinds that they do not currently own. Schedule a consultation today with an experienced estate planning attorney to avoid this and other power of attorney mistakes.

Our Pasadena estate planning lawyers regularly help our clients with a full range of questions around the planning process. Don’t hesitate to reach out for more support.

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