There may come a time in life when a person is unable to do for themselves. Perhaps they have been in an unfortunate accident. They cannot speak. Yet, they are the owner of a business that employs many people. Just who is to take charge of the operations? Family members may fight it out. However, the winner may not be the one with the skills to best lead things. When the real owner gets better, they return to a business in shambles. This story is well within the realm of possibility for those without a power of attorney.
A power of attorney is a legal position assigned to an individual. This person has the authority to make important life decisions in the case that the one granting the power attorney is incapacitated. The power of attorney becomes effective at the moment it is signed. From that time until the death of the grantor, the grantee has this effective power. At death, the law then looks at the will to decide just how to allocate property.
Clients can limit a power of attorney to specific life areas. Some want someone to handle their business affairs. Others desire a person to make medical decisions for them. It is possible that a client may believe that a power of attorney is necessary to take care of their household when they cannot do so.
It is important not to confuse power of attorney with an executor. Power of attorney is a long term grant; meanwhile an executor assumes the position only for a temporary time, under court supervision.
A power of attorney can be an effective means of securing family wealth. The Martens Law Firm, located in Visalia, California and serving California’s Central Valley and California’s Central Coast can help. Just speak with our lawyer about the best power of attorney for a special situation.