A Power of Attorney for Finances is a legal document that allows an individual (the principal) to appoint another person (the agent or attorney-in-fact) to manage their financial affairs. This authority can be broad or limited, covering tasks like paying bills, managing investments, or handling real estate transactions. In California, a Durable Power of Attorney remains valid even if the principal becomes incapacitated, ensuring continuity in financial management. The key benefits include avoiding costly court-appointed conservatorships, protecting assets, and ensuring financial obligations are met. However, a Power of Attorney does not override the principal’s rights while they are competent, and it can be revoked at any time.
Disclaimer: Khan Paralegal and Notary is not a law firm or attorney. We provide document preparation services only and do not offer legal advice. For legal guidance, consult a licensed attorney.