What’s a property power of attorney vs financial power of attorney vs durable power of attorney?

Please note: the following information pertains to California, and does not serve as legal advice.

In general, a property power of attorney, financial power of attorney, and durable power of attorney all do the same thing: they grant someone else the power to make (financial) decisions on your behalf if you are incapacitated. Meaning, when you are unable to make a decision for yourself, they can step in and make those decisions for you.

That said, a financial power of attorney and property power of attorney can be more limited: they may allow someone to act on your behalf for a certain period of time or under certain circumstances even if you DO have capacity. (E.g. someone might give a sibling the right to make financial decisions with respect to X transaction, but once the transaction is over, the sibling no longer has that power.)

**Note, spouses do NOT have the legal right to make financial (or medical) decisions on behalf of one another without a power of attorney or court order. So if you’re married and want your spouse to be able to make decisions for you (whether incapacitated or not), you need a power of attorney.

Contact me for a complimentary consultation and we can talk through the power of attorney — and anything else regarding estate planning.