Power of Attorney Form California
Power of Attorney Form California
Power of attorney forms in California are a particularly valuable and potent agreement that any two Californian entities can make. Entities? Well, we mean that you don't always have to sign a power of attorney form with another person (or if you were thinking it had to be a lawyer, you don't even need to sign one with one of them either). You can sign a POA form California with your aunt Mildred, cousin Avi, your accountant or a foundation, a bank or trust. These are entities.
The only requirements that are hard and fast by California law are that the signers be 18 years old (minimally) and that the signing of the POA be witnessed and notarized by a public notary.
So why make a Power of Attorney Form California?
One answer. To protect your assets. Let's say that you had some tech stocks and that you were an active trader in California. Normally, your plan might be to buy more shares if the market dips or sell all in a clearinghouse if it drops 10 points. SO you have your stock game mapped out and suddenly, the unthinkable happens. You are stricken with Malaria. A debilitating disease that leaves you only sweating and hallucinating in bed for days.
If your tech stock drops 12 points normally you would be moved to sell and avert a financial catastrophe but you are bedridden so along with your health, you lose your hard-earned fortune in the stock Californian tech market.
No consider if you had a Power of Attorney form signed with your wife, or business partner. In this instance, it may be what is called a Springing Power of Attorney form that comes to life because you are suffering from this terrible disease.
The person (or entity) that you signed this document with can now sell your stocks as you normally would as if they were you making the transaction.
Crisis averted. Fortune saved.
This is just one example of the tunefulness of a Power of Attorney form in California. You can protect the paying of debts, to ensure they are paid on time (and protecting your credit as well as prevent foreclosure or repossession). You can stipulate that your renters can pay your POA Agent (your wife or business partner) instead of you. The list is endless.
California as well as the other states in the Union have made provisions by which you can execute all of your formal life decisions through a third party and continue on while you recover from Malaria.
Variations of POA Forms for Different Purposes
We cover three types of power of attorney form documents at this site so far, with additional power of attorney form California documents to follow:
- Durable Power of Attorney form California
These are powerful POA documents that cannot be nullified because you lose the capacity to execute your own affairs. In fact most California Power of Attorney forms are of this nature just due to the intended function of the document itself. - Springing Power of Attorney form California
As illustrated in our colorful example above, this special type of POA form only comes into effect if you, the principal signer of the form become incapacitated (but not dead). - Financial Power of Attorney form California
Like many Power of attorney documents in California, this one stipulates that only financial matters and matters concerning your immediate estate can be acted upon by a third party (or your choosing).
Eventually all types of this incredibly powerful document will be detailed here on this site for your information so that you can make the most informed decisions when creating a power of attorney form California documents for your own needs.
No need to become incapacitated.
It is very well worth mentioning that you can assign an agent to look after any part of your legal affairs for any reason at all. Let's say that the tax man comes a knockin' looking for some modifications to your tax return (in your favor we presume). You can have your accountant handle all dealings with the IRS as if you in this matter, freeing you up to eat some cake or shoot a round of golf.
Another example may be if you are planning to leave the country for an extended period and you would like your brother Joe to collect the rent from your tenants while you are away. Yup, sign a power of attorney form and Joe can conduct your business.
Healthcare Power of Attorney Form
Probably the second (maybe the first even) most widely used Power of Attorney Form in California is one with a medical directive. One where if you were to catch Malaria let's say, your agent acting on your behalf can accept or reject treatments based upon what your wishes are. This doesn't only extend to Malaria, but to all forms of medication and surgical procedures. If you have a preference for particular methodologies in treatment, your Health Care Power of Attorney agent can make sure that you get the treatments you prefer and desire over any others. They can also forbid certain treatments based upon the POA agreement if you do NOT want certain procedures to be executed on you (while you are out).
That's a lot of Power I am Giving Away, am I Safe?
First, you are not "giving away" any power. Moreover, you are empowering someone you trust to handle your affairs. Therefore you are staying in charge of your life through a trusted proxy.
Additionally, California (and other states) have specific provisions that limit what a Power of Attorney Form Agent in California can do with their new legal abilities. For instance, a POA Agent cannot give themselves gifts on your behalf. They can't drain your bank account and transfer it to theirs don't worry. They cannot stand to gain in nearly ALL instances of a POA agreement. You CAN stipulate that they can receive some monetary compensation for performing this task and you do so right in the agreement itself.
Ending or Removing a Power of Attorney form California
Most power of attorney documents in California become nullified with the death of the grantor. They certainly become nullified with the death or incapacitation of the agent.
When creating a power of attorney document, you can specify when and under what circumstances the agreement becomes nullified. You can set a specific time frame (for example the POA document may end on midnight June 1st) or after a certain event (the sale of real estate for example).
The formal and more legally secure method is to create and sign a Power of Attorney Revocation Form where essentially the agent and grantor sign a document to the effect that any and all (or a specifically identified POA document) is hereby nullified.
