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- Ray O. | TestimonialsA power of attorney is a legal document in which you name another person to act for you in the event you are unable to conduct business or make decisions on your own. This document can be drafted to become effective upon disability, incapacity or immediately. Your agent or attorney-in-fact will have the specific powers or limited powers to sell, invest and spend your assets. Most people believe that their trust will allow for their successor to handle all assets and a power of attorney is no longer necessary. For asset management, it is important to understand the difference between assets placed into the name of your living trust and assets that are held solely in your name. Your agent should be a trusted individual and is most commonly the same person named as your successor trustee in your living trust. In order to understand how the power of attorney works, you should contact a Sacramento Trust Attorney.
If you have a child that has turned 18, he or she is considered a legal adult, and you as the parent can no longer make decisions for that child without legal authority. To avoid a court proceeding in which guardianship or conservatorship must be determined to make financial decisions on behalf of your adult child, it is extremely important to contact a Sacramento Trust attorney and designate an agent in his or her own power of attorney document.
It is important to realize that a power of attorney is only effective while you are alive. All powers of attorney terminate upon the death of the principal. A qualified Sacramento Trust Attorney can help you set up a Power of Attorney; Call Duncan Law | Duncan Tax today!
