![]() However, you should talk to your attorney about possible exceptions. Most POAs are not filed with any government agency. Do I need to file a California Financial Power of Attorney? For these reasons, and many more, you should discuss your POA with an experienced estate planning attorney before printing and signing a form you found online. For example, if your Agent signs a loan to purchase an asset (on your behalf), you will be bound to the debt regardless of whether it made sense for your Agent to do so. ![]() This includes foolish and/or negligent actions. However, a poorly drafted and signed POA may grant the authority to allow this. Further, the “Principal” is bound by the Agent’s actions. For example, would you grant someone authority to access your bank account, even if you are fully competent and manage your own finances?įor most, the answer would be “no”. You should not take POA forms lightly considering their far-reaching impact. Especially because the form is not entirely without ambiguity and uses terms that may not be understood by all. For others, such forms create unanticipated problems and create more harm than good. You will find “Statutory Form Power of Attorney” – a one-size-fits all POA approved by the California state legislature.įor some, such forms are better than nothing. A simple online search for “California Financial Power of Attorney” will result in numerous forms from which to choose. In today’s world, it’s not difficult to find POA forms online. Why hire an estate planning attorney to draft your California Financial Power of Attorney? Wishes with as little court involvement and unnecessary expense as possible. When done correctly it will help to carry out your Others yet may need a Limited, Durable POA if certain transactions are anticipated and the parties know the Principal will not be available to sign documents.Ī California Financial Power of Attorney is just one piece to aĬomprehensive estate plan. In that event, a costly and time-consuming process through probate court is required to appoint a conservator to take actions on your behalf. pay your mortgage, rent, utilities, health care bills sign tax returns file / defend lawsuits etc.). Without a valid POA in place there may not be someone available to manage your finances (e.g. This is primarily because incapacity could strike any of us at any time. In short, most individuals benefit from having a Springing, Durable POA in place.
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