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The best choice is someone you trust. Integrity, not financial acumen, is often the most important trait of a potential agent.
Who is the best person for power of attorney?
Because a power of attorney may grant very broad power over your property, including your bank accounts, we recommend that you consult a legal advisor, estate planner or other tax professional to see whats right for your situation.
Why would someone want more than one person with the power of attorney?
Shared responsibilities: By appointing several agents to handle different assets, such as your real estate and artwork, you may use their specialized skills and expertise to your advantage. One agent might know more about real estate, while the other might know more about valuable artwork.
What three decisions cannot be made by a legal power of attorney?
When someone makes you the agent in their power of attorney, you cannot: Write a will for them, nor can you edit their current will. Take money directly from their bank accounts. Make decisions after the person you are representing dies. Give away your role as agent in the power of attorney.
Which person will need someone with the power of attorney?
A Power of Attorney is a legal document that identifies and empowers a person to speak for someone who wants assistance with financial or healthcare matters or can no longer speak for themselves.
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In California, there are four main types of POAs, each offering a specific scope of decision-making power: general, durable, limited, and medical. Understanding these distinctions is crucial for selecting the POA that best suits your individual needs: General Power of Attorney.
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