Financial Power of Attorney Planning for Simi Valley

Begin with the decisions you want addressed

A useful starting point is to identify the kind of decision you are planning for. A financial power of attorney concerns financial decisions, while a health-care directive concerns health-care decisions. They address different subjects, so one should not be treated as a substitute for the other.

Consider what financial matters you would want another person to be able to address if you could not manage them yourself. Who are you considering, and what information might help that person understand your financial arrangements? These are questions to discuss when reviewing your circumstances and documents; they do not establish what authority any particular document provides.

• Write down the financial decisions you want to discuss.
• Identify the person you are considering and any questions about that choice.
• Keep health-care decision-making and financial decision-making distinct in your planning.

Compare existing documents before changing one

Gather the estate-planning documents you already have and compare their purposes. In particular, note which document concerns financial decisions and which concerns health-care decisions. Reading them as separate parts of a plan can help you identify what you want clarified before you consider a change.

Estate planning involves coordinating documents and asset arrangements. For that reason, review more than the title of a document: consider how it fits with your other documents and with the way your assets are arranged. A proposed change to one part of a plan is worth discussing in the context of the overall arrangement, rather than in isolation.

• Optionally gather existing powers of attorney, health-care directives and other estate-planning documents.
• Optionally make a simple list of accounts, property and other asset records that may help explain your arrangements.
• Note any preferences or circumstances you want to raise before deciding what, if anything, to change.

Prepare practical questions about institutions and records

A planning discussion can separate two issues: the financial decisions you want addressed and the practical information someone may need to understand your finances. You can make a list of the institutions connected with your financial arrangements and ask what documentation they may request or how they handle a power of attorney. These are questions to raise, not assumptions about what an institution will accept.

Bring the questions back to the document comparison. Ask how the financial document is intended to fit with your other estate-planning documents and asset arrangements. Preparing this information can make it easier to focus a discussion on your intended plan and the points that still need clarification.

• Optionally list relevant financial institutions and the records associated with your accounts or property.
• Ask what documentation an institution may request and whom to contact with process questions.
• Identify any part of your financial arrangement that is difficult to explain from the records you have.

Keep the purpose of each document clear

A financial power of attorney concerns financial decisions; a health-care directive concerns health-care decisions. If you are considering changes to both kinds of planning, discuss them as separate questions while also considering how the documents fit within your broader estate plan.

The practical consequence is that financial planning documents should not be relied on to address health-care decisions. If your concern is what happens to your assets in a different situation, identify that concern separately and ask how your documents and asset arrangements relate to it. This keeps the discussion focused on the purpose you want addressed without assuming that one document covers every planning need.

Plan with Codi M. Dada Law Office P.C.

Codi M. Dada Law Office P.C. has one in-person office at 802 Grant Ave, Novato, CA 94945, and provides virtual services throughout California, including for people in Simi Valley. To prepare for a planning conversation, you may gather the documents and asset records you want to compare and write down your questions about the person you are considering, financial decisions and institutions.