All About Wills and Powers of Attorneys

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Wills

A Will is utilized to provide for the distribution of assets at death.  One of the most important parts of a Will is to name an executor who has the responsibility to collect and distribute assets and to administer your estate.   Another important appointment of the Will is for the guardian of minor children.  If you have a Living Trust, a Pour Over Will is utilized which incorporates the Trust by reference so that the assets can be distributed according to the provisions of the Trust.  It is absolutely necessary for everyone to have a Will in order to name an executor and to provide for the orderly disposition of assets at death.

Powers of Attorney

A Power of Attorney is an authorization to act on someone else’s behalf in a legal or business matter.  A Durable Power of Attorney continues in place even if the Grantor becomes incapacitated.  The Power of Attorney expires at death.  When an estate plan is formulated most people choose to have a Durable Power of Attorney that is broad enough to invest a loved one or trusted friend with all the legal rights that the individual himself/herself has.  In this way, if the person becomes mentally incapacitated, the loved one or trusted friend can take care of all of the legal and financial matters on behalf of the incapacitated grantor.

Healthcare Directives or Medical Powers of Attorney

A Healthcare Directive or Medical Power of Attorney is utilized to enable the appointed agent to make medical decisions on behalf of the Grantor.  Most of the time, when an individual is injured or suffers some sickness that requires hospitalization or medical care, a Medical Power of Attorney or a Medical Directive will be required by the medical provider.  This is a necessity because the patient may become incapable of making decisions himself/herself and the agent then can step into the shoes of the patient and give authority to the medical provider to provide the medical treatment necessary.  The Medical Directive is especially important in the event the Grantor becomes in a vegetated state or irreversible coma.

For more information on Wills and Powers of Attorneys, contact our California estate planning law firm.

Get started by contacting our Orange County asset protection estate planning law firm as soon as possible.

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