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A crucial aspect of estate planning in Orange County is the designation of power of attorney. A power of attorney in estate planning allows one person to have the authority to act on your behalf. In the state of California, there are two types of powers of attorneys. One is a person who has been given the authority to make crucial healthcare decisions for you, as the creator. The other power of attorney is used for financial purposes, and can manage the creator’s assets in a revocable living trust. These powers of attorneys serve to protect the creator if the creator is incapacitated or no longer able to make decisions for themselves.
Successor trustees do not have the power or authority over assets that are not in the trust, including personal property, for example. This is where a POA can step in and help. Your power of attorney, for example, can allow the person to file your personal income taxes, or regulate outside assets that are not listed within the trust itself. The POA can also transfer the assets to the trust after your death, since the successor trustee does not have the legal authority to do so. You have the choice, as the creator, to choose whom to nominate as your POA(s).
If you want to learn how to establish in Orange County a power of attorney to protect your assets and healthcare decisions should you become incapacitated, contact Citadel Law Corporation today at (800) 662-0882.
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