Notes on Estate Planning, Part II

There are minimally, two important parts of an estate that one should know about. One is called a durable power of attorney and the other is a will.

A durable power of attorney is for managing your property while you are still alive in the event that you're not able to do so yourself due to incapacitation. The second part, the will, is for the managing and distribution of your property after you have passed on. Many people are using revocable or living trusts in order to avoid probate and be able to manage their estates while living, as well as after death.

Durable power of attorney is an important estate planning instrument for it allows you to appoint what is called an "attorney-in-fact" to act in your place for financial purposes should you become incapacitated and unable to function. The person you choose will then be able to act on your behalf and take care of financial matters. Without this in place, no one can represent you unless a court of law appoints a guardian or conservator. This process takes time and money and comes with no guarantees that the judge will choose a person you prefer.  

Power of attorney can be limited or general. The general power of attorney is far more comprehensive and gives the appointed person all of the powers and rights that you yourself would have. There are many specifics that need careful planning when it comes to estates so be sure to contact an attorney familiar with this aspect of law.

It’s important to take the time to do some estate planning while you are still amongst the living and not put it off. For an experienced hand to help you with your estate, contact a an experienced California estate planning attorney at Claery & Green by calling 877-856-4111.