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Power of Attorney

​What Is a Financial Power Of Attorney?

​A Financial Power of Attorney is a legally binding document that allows you to appoint someone you trust, known as your Agent, to handle your personal financial and legal matters if you become unable to do so yourself due to illness, injury, or incapacity. This document ensures that your bills can be paid, contracts managed, and financial decisions made without delay or court involvement, giving you and your family peace of mind during difficult times.

What Does an Agent Do?

Your Agent manages your money if you become incapacitated.  They will be able to:

​​

  • Pay for  bills

  • Manage Assets

  • Sell, buy , oversee and pay taxes on properties

  • Move a property into a Trust

  • Deposit/withdraw your investments in stocks, bonds, mutual funds etc.

  • Oversee Insurance

  • Buy Annuities

  • Collect Medical and Medicare on Your Behalf

  • Designate someone to operate a business

  • Claim inheritance on your behalf

  • Avoid family conflicts

 

Should I Be Concerned About Giving My Power of Attorney Agent Significant Control Over My Finances?

​Giving someone a durable power of attorney is sometimes necessary, but not a matter to be taken lightly.  This is why your should ALWAYS consult an Attorney before signing a Durable Power of Attorney.

Does My Power of Attorney Agent Have to Be a Family Member, or Can I Appoint a Friend?​

You can assign anyone you want to be your agent.  Usually people choose  a trusted relative to act as their agent.  If you do not believe your relatives are up to the task you can designate someone else.  However, remember you should always CONSULT AN ATTORNEY before you sign a durable Power of Attorney especially if you are not assigning a relative.

Common Reasons People Establish a Power of Attorney

  1. Medical Decision-Making
    To authorize someone to make healthcare decisions on their behalf if they become incapacitated.

  2. Financial Management
    To allow an agent to handle banking, investments, taxes, or other financial matters—either temporarily or long-term.

  3. Aging or Declining Health
    Older adults often create a POA to ensure trusted individuals can manage their affairs if they become unable to do so themselves.

  4. Military Deployment or Extended Travel
    Individuals who are deployed overseas or traveling for an extended period may assign a POA to handle matters in their absence.

  5. Business and Property Management
    Business owners or landlords may appoint someone to act on their behalf for transactions, contracts, or property oversight.

  6. Legal Proceedings or Transactions
    To give someone authority to act in legal matters or sign documents when the principal is unavailable.

  7. Estate Planning
    As part of broader estate planning, a POA ensures someone is legally empowered to carry out the individual’s wishes if they're unable to speak for themselves.

  8. Temporary Incapacity
    A POA may be used during recovery from surgery or illness to ensure bills are paid and daily matters are managed.

Contact the Law Office of David J. Salvin at  949-305-6400 to schedule a free consultation to learn more about how and why a POA can complement your estate plan in California.

Contact the Law Office of David J. Salvin at  
949-305-6400 to schedule a free consultation to learn more about how and why a POA can complement your estate plan in California.

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