California’s Durable Power Of Attorney

California’s Durable Power Of Attorney for property management and personal affairs is used when you become incapacitated for any reason (e.g., Alzheimer’s, stroke, heart attack, auto accident causing a coma, etc.). It should be part of your basic California estate plan. The contents of the power of attorney ought to cover most, if not all, of the following items
1.1. Real Property Transactions.
(a) Acquisition.

(b) Transfer.

(c) Mortgages.

(d) Management.

(e) Improvements.

(f) Reorganizations.

(g) Change in Form of Title.

(h) Public Use.

1.2. Tangible Personal Property Transactions.
(a) Acquisition.

(b) Transfer.

(c) Security Interests.

(d) Management.

1.3. Stock and Bond Transactions.
(a) Acquisition and Transfer.

(b) Evidence of Ownership.

(c) Voting.

1.4. Commodity and Option Transactions.
(a) Acquisition and Transfer.

(b) Accounts.

1.5. Banking and Other Financial Institution Transactions.
(a) Existing Accounts.

(b) Opening of Accounts.

(c) Establishing and Closing Safe Deposit Boxes.

(d) Contracting Services.

(e) Making Withdrawals.

(f) Receiving Financial Statements.

(g) Entering Safe Deposit Boxes.

(h) Borrowing Money.

(i) Checks, Drafts, and Negotiable or Nonnegotiable Paper.

(j) Receiving Negotiable or Nonnegotiable Instruments.

(k) Letters of Credit, Credit Cards, and Travelers Checks.

(l) Extensions to Pay.

1.6. Business Operating Transactions.
(a) Operation and Transfer.

(b) Partnerships.

(c) Bonds, Shares, and Other Instruments.

(d) Sole Proprietorship.

(e) Expansion.

(f) Reorganization.

(g) Sale or Liquidation.

(h) Buy Out Agreements.

(i) Reports.

(j) Taxes.

1.7. Insurance and Annuity Transactions.
(a) Existing Personal Coverage.

(b) Procuring New Coverage.

(c) Paying Premiums for New Coverage.

(d) Beneficiary Designation.

(e) Borrowing.

(f) Surrendering.

(g) Elections.

(h) Manner of Paying Premiums.

(i) Conversion.

(j) Beneficiary Change.

(k) Governmental Aid.

(l) Transfer.

(m) Taxes.

1.8. Retirement Plan Transactions.
(a) Select Payment Options.

(b) Beneficiary Designations.

(c) Voluntary Contributions.

(d) Investment Powers.

(e) Rollovers.

(f) Borrow, Buy, and Sell.

(g) Waiver of Spousal Rights.

1.9. Estate, Trust, or Other Beneficiary Transactions.
(a) Payments.

(b) Claims.

(c) Participation in Proceedings.

(d) Removal of Fiduciary.

(e) Investments and Disbursements.

(f) Transfer to Revocable Trust.

(g) Contingent Interests.

(h) Probate Code Section 13502 or 13503 Election.

1.10. Power to Create, Modify, or Revoke Trusts for My Benefit and Benefit of My Dependents.

1.11. Resignation From Fiduciary Positions.

1.12. Claims and Litigation.
(a) Actions.

(b) Intervention and Interpleader.

(c) Provisional Remedies, Enforcement of Judgments, and Participation in Proceedings.

(d) Settlement.

(e) Procedure.

(f) Bankruptcy.

(g) Payments.

1.13. Tax Matters.
(a) Preparation and Filing of Documents.

(b) Paying and Contesting Amounts.

(c) Exercising Elections.

(d) Acting in Tax Matters.

1.14. Personal and Family Maintenance.
(a) Support.

(b) Domestic Help, Travel, and Necessities.

(c) Medical Care.

(d) Transportation.

(e) Charge Accounts.

(f) Church and Organization Affiliations.

(g) Religious or Spiritual Needs.

(h) Pets.

(i) Funeral and Burial.

1.15. Gifts.
(a) Attorney in Fact’s Discretion.

(b) Gifts to Attorney in Fact Limited to “5 or 5” Amount.

(c) Payment of Gift Tax.

(d) Gift Splitting.

1.16. Government Benefits.
(a) Execution of Vouchers.

(b) Possession of Property.

(c) Benefits.

(d) Actions.

(e) Receipt of Proceeds.

1.17. Nomination of Conservator.

1.18. Incidental Powers.
(a) Claims.

(b) Contracts.

(c) Execution, Acknowledgment, and Delivery.

(d) Actions.

(e) Court Assistance.

(f) Employment.

(g) Recordkeeping.

(h) Preparation and Filing of Documents.

(i) Other Lawful Acts.

1.19. Restrictions on Property Management Powers.
(a) Trusts.

(b) Obligations of Attorney in Fact.

(c) Insurance on Life of Attorney in Fact.

2.1. Determination of Incapacity.

2.2. Capacity Regained.

2.3. Reimbursement for Costs and Expenses.

2.4. Compensation.

2.5. Notice to Third Party as to Amount of Compensation.

2.6. Reliance by Third Parties.

2.7. Ratification.

2.8. Exculpation of My Attorney in Fact.

2.9. Revocation and Amendment.

To find out more about estate planning, call California tax attorney Mitchell A. Port at (310) 559-5259.