Bay Area Estate And Tax Planning Law Firm

Estate-linked power of attorney selection: getting it right

On Behalf of | Nov 5, 2019 | Uncategorized |

Who readily qualifies to be designated with power of attorney (POA) rights over your estate matters?

Talk about a loaded question.

Some estate planners can happily point quickly to one or more individuals they absolutely know are the ideal persons to be entrusted with material power over important estate matters. If I am incapacitated through illness, my sister will know exactly what to do, and it will be strictly in accordance with my wishes. If I am no longer competent to make money-tied decisions, my brother – who has a strong financial background – will do what’s right for my family.

That certainty is enviable.

It is also somewhat rare in the estate planning world, though.

In fact, would-be and actual planners routinely stress somewhat over POA designations, which is why they frequently turn for counsel and sound representation to a proven estate planning attorney on this important matter.

We get that at the established Bay Area Law Offices of Connie Yi. We note on our website that, “An experienced attorney understands the sensitive nature of estate planning and knows just how hard it can be to choose the right POA.”

For starters, there are multiple types of POAs. We note the distinctions between general, limited, medical and durable POAs on our website. Moreover, it is often quite hard for a planner to decide whether an attorney designation should spotlight a relative, friend, professional adviser or other person.

A planning professional – especially one with an integrated background in both law and accounting – can candidly discuss POAs with an individual or family and help promote selection that optimally yields peace of mind and maximum benefits down the road.