Power of Attorney Lawyer Attorney

Everything you wanted to know about a Power of Attorney is listed below for your use. Feel free to call our power of attorney lawyer to discuss your individual case.

Requirements of Setting Up the Power of Attorney

The person who wants to give the power is called the Principal. The person who receives the power is called the Agent or Attorney in Fact. In order for the Power of Attorney to work, the Principal must be competent at the time of creation of the power. The Agent must also be competent at the time he or she starts to act as the agent. The document itself also sets up the time when the power goes into effect. Some Power of Attorney documents go into effect immediately. Other Power of Attorneys will start to work only when the Principal has become incapacitated.

In summary, look to see if the following requirements for the power of attorney are met:

  1. Competency of Principal at execution or signing of the power of attorney.
  2. Competency of the Agent at the time he or she starts to act.
  3. Time set in the Power of Attorney document or form when the power starts to work.

What if the Power of Attorney delays its effectiveness until there is incapacity?

Incapacity is usually defined in the instrument itself. If it is not, it can be determined by a certification by one or two doctors. It is important to look to see if the form itself has a definition.

If there are two power of attorney documents which are competing, the later one governs, unless it can be shown that it was invalid at the time of execution or signing of the power of attorney.

How to open an account when you are named as an agent under a power of attorney?

The account should read as follows:

Agent’s name, as Agent under a Power of Attorney for Principal.

Joe Smith, Agent under a Power of Attorney for John Smith.

Banks will accept any variation of the above on the account or may shorten it.

The social security number of the principal is used at the bank.

You must keep the assets of the principal separate from the assets of the agent. The agent should not use the assets of the principal to benefit the agent unless the document so authorizes specifically.

If you doubt that the power of attorney will work, you should consult and attorney about a conservatorship.

Call us to discuss your Power of Attorney needs or a conservatorship with our lawyer and attorney. Call 818.340.4479 to talk to the friendly staff at Sirkin Law Group, P.C.

Ending a Guardianship of the Estate after Your Child Turns 18 in Los Angeles

What happens to old Guardianships of the Estate in California after kids reach 18 years of age?

If you were appointed as Guardian of the Estate of a minor many years ago and he or she has now reached 18 years of age, or is perhaps over 18, there are several things you should do.

  1. Do a final accounting or get a waiver of the accounting from the ward (if competent).
  2. Prepare a Petition to Terminate the Guardianship.
  3. After the court orders the Guardianship terminated, you need to transfer all the assets to the child, who is now an adult.
  4. File receipts with the court.
  5. Get a discharge.

What happens if your child has turned 18 and was under a guardianship, but is not competent now to handle the funds?

Then, you must file to become the conservator of the estate of your child.   A conservatorship is the adult version of the guardianship.

Why you should not wait to end the Guardianship of the estate:   As time goes by, records get lost, and it becomes exponentially more difficult to gather all bank records to complete the accounting if an accounting cannot be waived.   Not being able to account subjects you to a surcharge and recovery on your bond.   As soon as your child turns 18, you should file a petition to terminate the guardianship of the estate.

Our estate lawyers can help you terminate guardianships of the estate and create and establish conservatorships of the estate.  In Los Angeles County and San Fernando Valley, call attorney Mina Sirkin for Guardianship advice at 818.340.4479 or email us here.