This General Durable Power of Attorney for Property and Finances Effective upon Disability form is a general, durable power of attorney which is effective ONLY upon the principal's disability, incompetency or incapacity. You can use this form to appoint an attorney-in-fact (agent) to make decisions regarding property, financial, management, banking, business and other matters for you. The powers granted to an Agent in this Power of Attorney are very broad, but do NOT provide for health care services.
In San Jose, California, a General Durable Power of Attorney for Property and Finances, or Financial Effective upon Disability, is a legal document that grants an individual, known as the "agent" or "attorney-in-fact," the authority to make financial and property-related decisions on behalf of another person, known as the "principal," in the event of their disability or incapacity. This type of power of attorney is "general" as it gives broad powers to the agent, allowing them to handle various financial matters, such as managing bank accounts, paying bills, collecting income, and making investment decisions. The term "durable" implies that the power of attorney remains effective even if the principal becomes mentally or physically incapacitated. There are several types of San Jose, California General Durable Power of Attorney for Property and Finances or Financial Effective upon Disability recognized under the state's laws. These different types may include: 1. Limited Power of Attorney: This type of power of attorney grants the agent specific powers and is limited to a particular time period or transaction. For example, the agent may only have authority to sell a property or make investment decisions until the completion of a specific task. 2. Springing Power of Attorney: This type of power of attorney "springs" into effect only when a specific event occurs, such as the principal's incapacitation. It requires a determination by a qualified professional (such as a doctor) that the principal is incapable of managing their finances. 3. Statutory Power of Attorney: This power of attorney is created using a standardized form provided by state law. It outlines the powers granted to the agent and follows the guidelines set by the California Probate Code. 4. Immediate Power of Attorney: Unlike the springing power of attorney, the immediate power of attorney takes effect as soon as it is executed, regardless of the principal's capacity. This type of power of attorney is commonly used for convenience purposes or when the principal needs assistance in managing their finances. When creating a General Durable Power of Attorney for Property and Finances or Financial Effective upon Disability in San Jose, California, it is crucial for both the principal and the agent to fully understand the scope of the document and the responsibilities it entails. Consulting with a qualified attorney experienced in estate planning and elder law is recommended to ensure that the power of attorney is properly executed and in compliance with state laws.
