Power of attorney for financial affairs in California

A power of attorney for financial affairs in California is the topic of this blog post.  Powers of attorney in California are governed by Sections 4000 through 4545 inclusive, of the California Probate Code.  This blog post will discuss the use of a durable power of attorney for financial affairs. The term durable power of attorney refers to the fact that the powers given to the agent will continue to exist even if the person who signed the durable power of attorney becomes incapacitated and can no longer make their own decisions regarding the management of their finances and property unless the durable power of attorney provides otherwise.

A durable power of attorney can also be drafted to become what is known as a “springing power of attorney” meaning that it will not take effect until the person who signed the durable power of attorney becomes incapacitated as defined in the document.  

A durable power of attorney for financial affairs may also be customized for most situations and can grant broad and sweeping powers to the agent such as the power to manage, dispose of, sell, and convey any real and personal property, run a business, for security and financial transactions and to use the property as security if the agent borrows money on behalf of the principal. It can even grant the agent the power to prepare and file tax returns on behalf of the principal and nominate a conservator of the estate of the principal if desired.

The law in California states that a durable power of attorney in California must be dated and must be acknowledged before a notary public or signed by two witnesses. If it is signed by two witnesses, they must witness either (1) the signing of the power of attorney or (2) the principal’s signing or acknowledgment of his or her signature. A durable power of attorney that may affect real property should be acknowledged before a notary public so that it may easily be recorded with the County Recorder in all counties where any real property is located.

A durable power of attorney can be amended or changed only by executing a new durable power of attorney or by executing an amendment through the same formalities as an original. The principal retains the right to revoke or terminate any durable power of attorney at any time, so long as the principal is competent.

Executing a durable power of attorney makes good sense when a person has a trusted person whether a friend, relative or spouse who they trust and can rely on to protect their interests in the event they become incapacitated.

Attorneys or individuals in California who would like to view a portion of a sample 18 page springing durable power of attorney which was created and is sold by the author of this blog post can use the link shown below.

Sample durable power of attorney for California 

Attorneys or parties who would like to view portions of over 300 sample legal documents for California and Federal litigation sold by the author of this blog post can use the link shown below.

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The author of this blog post, Stan Burman, is an entrepreneur and freelance paralegal who has worked in California and Federal litigation since 1995 and has created over 300 sample legal documents for California and Federal litigation.

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DISCLAIMER:

Please note that the author of this blog post, Stan Burman is NOT an attorney and as such is unable to provide any specific legal advice. The author is NOT engaged in providing any legal, financial, or other professional services, and any information contained in this blog post is NOT intended to constitute legal advice.

The materials and information contained in this blog post have been prepared by Stan Burman for informational purposes only and are not legal advice. Transmission of the information contained in this blog post is not intended to create, and receipt does not constitute, any business relationship between the author and any readers. Readers should not act upon this information without seeking professional counsel.