Trusts, estates, living wills, durable or non-durable power of attorney – all of these terms can seem like a foreign language, especially if you are young and death seems far away.
But if you are married, have assets, have children or have all three, it is imperative that you learn this terminology and come up with a strong estate plan to protect yourself, your family and your wealth.
In this blog, the Newport Beach estates attorneys at Morgan Law Group will be discussing the Non-Durable power of attorney. Think that all power of attorney documents are the same? Think again.
As a general definition, a power of attorney document is used to grant another person permission to make decisions on your behalf.
In the case of a Non-Durable power of attorney, the permission is only granted until you become incapacitated. Non-durable powers of attorney are most common in real estate transactions, where a person gives their real estate agent the right to make decisions regarding the sale or purchase of property.
There are both limited and general non-durable powers of attorney. Limited would be the same as the situation mentioned above – the permission is only for a specific task for a specific amount of time. Limited non-durable powers of attorney are also commonly used by older people to give their children permission to pay their bills or vote on their behalf.
General non-durable powers of attorney are a lot less common, since they would give unlimited power and permission to another party, much in the same way you would use a durable power of attorney if you were incapacitated.
Before signing any powers of attorney, the best thing you can do to protect yourself is to talk to an experienced wills and trusts lawyer. Call the Newport Beach estates attorneys at Morgan Law Group at (949) 260-1400 and ask if you qualify for a free Family Wealth Planning Session ($750 value).