POWER OF ATTORNEY FOR PROPERTY MANAGEMENT
Agent: Your durable power of attorney for property management gives the "attorney-in-fact" or agent you designate the power to handle your property and your finances in the event you become incapacitated.
When Does Your DPA Become Effective: Your DPA becomes effective immediately upon signing it or upon a contingency such as your becoming incapacitated. When your DPA designates incapacity as the triggering requirement, this is called a "springing" power since the powers do not become effective immediately but spring into action upon your incapacity.
Powers: The powers given to your attorney-in-fact can be narrow or broad depending on your needs and wishes. Some powers are not available to the attorney-in-fact unless you expressly authorize them in your DPA. Under California law the attorney-in-fact may not make gifts of your property unless you have expressly authorized him/her to do so. Some of the powers which can be granted are as follows:
1. Real and personal property transactions
2. Stock and bond transactions
3. Banking and other financial transactions
4. Insurance and annuity transactions
5. Estate and trust matters
6. Claims and litigation
7. Government benefit transactions
8. Tax matters
9. Retirement plan matters
10. Paying necessary medical and dental care
Benefits of DPA: The DPA can be an effective method of avoiding a conservatorship if you become incapacitated. Even if you have a living trust, there may be matters which fall outside of your trust or property which was not transferred into the living trust, which may require the DPA power.
There are statutory DPA forms available, however, it is highly recommended that you consult with an attorney to make certain you have either an immediate power or a springing power, whichever is appropriate for your situation, and include all powers necessary for your circumstances.
Agent: Your durable power of attorney for property management gives the "attorney-in-fact" or agent you designate the power to handle your property and your finances in the event you become incapacitated.
When Does Your DPA Become Effective: Your DPA becomes effective immediately upon signing it or upon a contingency such as your becoming incapacitated. When your DPA designates incapacity as the triggering requirement, this is called a "springing" power since the powers do not become effective immediately but spring into action upon your incapacity.
Powers: The powers given to your attorney-in-fact can be narrow or broad depending on your needs and wishes. Some powers are not available to the attorney-in-fact unless you expressly authorize them in your DPA. Under California law the attorney-in-fact may not make gifts of your property unless you have expressly authorized him/her to do so. Some of the powers which can be granted are as follows:
1. Real and personal property transactions
2. Stock and bond transactions
3. Banking and other financial transactions
4. Insurance and annuity transactions
5. Estate and trust matters
6. Claims and litigation
7. Government benefit transactions
8. Tax matters
9. Retirement plan matters
10. Paying necessary medical and dental care
Benefits of DPA: The DPA can be an effective method of avoiding a conservatorship if you become incapacitated. Even if you have a living trust, there may be matters which fall outside of your trust or property which was not transferred into the living trust, which may require the DPA power.
There are statutory DPA forms available, however, it is highly recommended that you consult with an attorney to make certain you have either an immediate power or a springing power, whichever is appropriate for your situation, and include all powers necessary for your circumstances.
