When executing any legal document, especially a power of attorney, you should consult an attorney about the risks of signing the document. Many factors play into the advice you get from a lawyer regarding a power of attorney. Depending on what type of power of attorney document you use, you are giving someone else the authority to sign documents for you.
With a California health care power of attorney, you are authorizing someone else, hopefully family, to make medical decisions for you. With an asset management power of attorney, you are letting someone else sign your name to most legal documents.
What are the risks of signing a power of attorney?
The risk may be that the agent who you have entrusted at the time of execution or signing, may at a later point become a) unfriendly; b) dies; c) becomes incapacitated, or d) become a financial risk, in that he may use poor judgment in using your money. Be careful if any person who asks you to sign a power of attorney. There are significant risks involved in signing a durable power of attorney.
What are the personality types of characters that do not make good agents in a power of attorney situation?
C. Overbearing or abusive personalities;
D. Unstable characters;
E. People who are generally unreliable.
F. Liars and cheaters in your family or among your friends.
G. People who are your caregivers, and not related to you.
H. People generally not good with money.
If are located in Woodland Hills and need a power of attorney, call our office at 818.340.4479. We spend time in educating our clients about the ramifications of preparing a power of attorney and can advise you whether or not you should do one.