A Power of Attorney for Finances appoints someone to deal with your cash, property, and invoices when you’re incapacitated. The individual nominated should be somebody who’s good with cash and accountable enough to take care of your premises.
The person appointed is known as an “attorney-in-fact”, which has nothing to do with being a lawyer. An attorney is an “attorney at law”. A Power of Attorney for Finances is occasionally called a Durable Power of Attorney.
“Durable” means the ability of Attorney remains legitimate, even in the event that you become incapacitated. There may also be a “power of attorney for health care,” which is another record and unrelated to your financing. Estate Planning Attorney in Orange County, California provides the best legal services in the town.
A Living Trust provides increased security and easier management than relying upon a Power of Attorney alone. Think about a Trust as being a distinctive box in which you put your resources (bank accounts, stocks, your own home, rental properties, etc.) The person you appoint to look after the box is known as the “Trustee”. This individual isn’t the “Executor”.
That is precisely why it’s known as a “living” trust. It’s customary (although not mandatory) to mention the identical individual as Trustee and as attorney-in-fact, so that management of the two Trust and non-Trust financial issues are centralized with a single individual.