Estate Plan Essentials: Financial Powers of Attorney

8:31 am Uncategorized

estate planning 150x150 Estate Plan Essentials: Financial Powers of AttorneyGenerally, once you decide who will manage your money when you can’t, and who will get what when you die, you next want to know how all that is going to be accomplished.

First and foremost, you have named Trustees; these are the people who will—with perfect impartiality—be administering your trust property exactly as you have outlined. Trustees will also sometimes be referred to as Executors, as in executor of your will, although the trustee of your trust and the executor of your will can be different people.

And how is it that your trustees are able to deal with your financial institutions? How does the bank know to give that person access to your accounts? You give your Trustees this power in your Durable Power of Attorney. The Power of Attorney is a document that gives the people named as your agents all of the permissions and powers they need to interact with financial institutions on your behalf. This is usually a long list of powers, which go into effect only when you have been declared incapacitated.

In addition to the Durable Power of Attorney, you will likely also sign a Nomination of Conservator. This is a short document that does not expressly give your agent any powers, but it does tell a judge in no uncertain terms who you would like to make decisions for you in the event that you are unable to make your own financial decisions. Rather than expressly giving powers, the Nomination of Conservator is an easy document that significantly shortens a potentially long and grueling court procedure should you ever need a conservator for your estate.

For additional information on California financial powers of attorney, contact our Orange County estate planning law firm.

Help is available to you by contacting your Southern California financial planning experts today.

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