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Powers of Attorney in Estate Planning

Posted by Law Offices of Timothy D. Henry on Dec 9, 2013 1:55pm PST

Powers of attorney are routinely used in estate planning. These written documents appoint someone to act for you in conducting your affairs. These documents can consist of a general form or they can be created for one special area of activity or circumstance that the appointed person would handle. Examples of what a designated person might handle as a result of a Power of Attorney could be handling a financial matter, such as the execution of a stock option or representing you in a tax audit. Generally, the person granting the Power of Attorney can revoke it at any time. The power granted in the document may also terminate when the principal passes away or becomes incompetent unless it is a "durable" Power of Attorney. Durable Powers of Attorney are designed to continue when the principal is considered to be incapable.

Durable Powers of Attorney are generally categorized into two types. One is effective immediately upon the execution of the document. The other type does not go into effect until a specific circumstance occurs, such as the principal becoming mentally incapacitated or disabled. These types of Powers of Attorney are created to protect the principal's financial affairs or to ensure that his or her instructions are followed concerning medical and health care. The principal designates a person whom they obviously trust to handle these affairs for them should they need it; the document can be created without judicial proceedings which is less expensive and time-consuming overall.

Estate Planning Attorney in San Jose, California

Creating a comprehensive estate plan which includes Powers of Attorney and other legal instruments designed to ensure that your wishes are carried out in the eventuality of incapacity or death is vital for your protection and the protection of your heirs and beneficiaries. Estate planning can reduce tax liabilities and ensure that the transfer of your estate is accomplished smoothly and efficiently. Furthermore, it can ensure that your instructions for end-of-life medical care are in place and followed. You may not wish to have medical intervention designed to prolong life when diagnosed with a terminal illness or disability; this is just an example of what you can have written into legal documents in estate planning.

If you are located in or around San Jose, the Law Offices of Timothy D. Henry offers invaluable legal advice and guidance in all types of estate planning. You can learn about all of the components of an estate plan and have an estate plan designed specifically for you based on your individual needs and objectives. Mr. Henry provides personalized and caring legal assistance to all of his estate planning and probate clients. He will take the time to thoroughly understand your particular situation and assist you with appropriate legal action. Contact his firm to schedule a free, initial consultation to get started now.