A durable power of attorney for finances is a document naming the powers that are to be granted to a person called the agent. The person who grants the powers is called the principal. We have already covered the basics you need to know about financial POA and the procedure of getting out the POA. However, we have yet to discuss in detail how one should go about obtaining the POA – either online for little or no money at all or through a San Diego estate lawyer?

Admittedly, there are some templates available online which are better than others, but all of them have an intrinsic downside: they are a catch-all solution. Here is how an attorney-drafted POA beats a ready-made template.

Only an estate attorney can write up a personalized POA

Only a legal professional is able to customize the power of attorney document so that it meets your unique needs. Not all clauses are important for everyone. When you go to an attorney, they tap all their knowledge and experience in assessing your case.

Power of attorney can be modified in a myriad of ways. Not only should the document state which powers are granted and which are not (general and limited power of attorney), but it should also specify when the powers come into effect (standard, durable and springing). Does the principal want the document to stay effective even if and when they become incapacitated? Do they want it to spring into effect if and when they fall prey to a mentally debilitating illness? If the grantor is elderly and there is a possibility that their housing will become an issue at some point in the future, clauses can be included to address the move to a nursing home and MediCal-related points.

An estate attorney will also provide some information on how best to choose the agent. There are numerous pitfalls when POA is concerned and an experienced attorney will advise you what to be careful about.

Only an estate attorney can vouch for the quality of the POA document

The fact that a pre-made POA can easily be downloaded from the Internet can make one think that there is not much to it. The wording and layout of the document can appear official enough. As already stated, the quality of online-available POAs differs from one to another. It is difficult for a layperson cannot understand the different nuances.

The powers granted to the agent can be immense. Depending on the expressed provisions, the agent can move the principal out of their home, sell their estate or take out all the money in their bank account. It’s not something to be taken lightly, “however straightforward matters may appear”. This is actually part of the wording of the golden rule used for determining testamentary capacity, which brings us to one more point.

Financial power of attorney must be granted by a person of sound mind, who is able to understand the consequences of their signature on such a document. Going to an attorney to draw up the document means that the attorney will be able to evaluate, through conversation and personal contact, whether the grantor is aware of the scope of the document. This can prevent many future family conflicts and costly court proceedings. A POA that was not formulated by an attorney could be much more susceptible to contest.

Not sure how to get financial power of attorney? Consult an experienced San Diego estate lawyer

Your doubts and dilemmas will be put to rest if you talk to a qualified legal professional with a vast experience in the field. Call 858-208-8900 or contact us through our website contact form and book your no-cost no-obligation 30-minute case review.