Bay Area Estate And Tax Planning Law Firm

Power of attorney selections can be a bit of a challenge

On Behalf of | Feb 27, 2020 | Uncategorized |

We refer on our website at the established Bay Area Law Offices of Connie Yi to “one of the most important decisions you’ll make when you’re planning your estate.”

California readers of our estate planning blogs might reasonably conjure up a lot of possibilities vying for “most important” consideration.

Heirs and beneficiaries must of course be identified and provided for. Perhaps the long-term special needs of a loved one are of supreme importance to a planner. Some creators/grantors have strong family legacies they seek to promote and protect. Asset preservation, lawful tax avoidance and the continuous growth of wealth in the future are all understandably common concerns. Charitable giving is a tier-one focus for many planners.

All those things are arguably obvious. Perhaps a bit less clear in many instances is the compelling need for grantors to ensure that a person selected to step in and make personal planning decisions concerning specific matters is fully competent and up to the task.

That is not always the case. Estate planning tales are replete with instances of individuals granted powers of attorney to act on behalf of a planner regarding health, financial and other matters being unable to perform effectively.

Many attributes come into consideration where POA selection is concerned. We note on our website that a selected individual must absolutely “be ready for the responsibility.” Moreover, there should be no uncertainty regarding that person’s trustworthiness.

POA selection can get a bit murky and problematic, especially in cases where multiple parties (ranging from loved ones to professional advisers) seem reasonably qualified and suitable to act on behalf of a planning individual or couple.

Experienced estate planning attorneys routinely help diverse and valued clients make sound and appropriate decisions on POA-linked matters.