POWER OF ATTORNEY
A Power of Attorney allows you, the principal, to appoint someone, the agent, to act on your behalf in certain matters. You may allow the designated person to manage your finances, your assets, or your healthcare decisions according to your wishes. At Tsang & Associates, we have a long history of assisting clients in drafting all of their Power of Attorney document needs. Our attorneys will assess your circumstances and assist you in drafting a comprehensive Power of Attorney document by walking you through each step.
Our fee structure is unique to us as we strive to tailor our services for each client individually. We adapt price standards that are capable of fluctuating for each client. Clients may retain us for one or all of the below steps/services.
We are happy to customize a proposal for you during a consultation. Please see the below information.
WHAT MAKES US DIFFERENT
At Tsang & Associates, we treat each client like a well-formed partnership and involve you in every step of the process. When crafting a power of attorney document, we work together with you until you are satisfied with our services. By the end of our partnership, our goal is not only to help you find success but also to help you become an expert in your own case.
CASE PROCESSING OVERVIEW
Step 1: Strategy Session for Power of Attorney
This is the most crucial step for your Pre/Post Nuptial Agreement. We will review all of the supporting documents to create a strategy, a customized checklist, and a timeline to serve as the guiding foundation for the entire case preparation.
Step 2: Drafting a Power of Attorney document
Step 3: Signing Power of Attorney document
We will have this document signed in front of a notary so that it becomes official.
We will prepare a comprehensive Power of Attorney document along with forms and supporting documents, including:
- Providing free consultation to help determine what powers to be bestowed upon your agent
- Explanations of the Document in Detail
- Notary Service
In short, we provide a start to finish service. Your case is safe with us until the case is complete.
Types of Power of Attorney Documents
The three types of power of attorney–nondurable, durable, and springing–as elaborated upon below. The principal can set the limits of their agent’s power, granting as much or as little power as is appropriate. When deciding whether to set limits, consider the kind of tasks the agent will likely be asked to perform, such as:
- Paying bills;
- Paying taxes;
- Choosing the principal’s medical procedures in the event of incapacitation;
- Paying medical expenses;
- Managing real estate assets;
- Accessing financial accounts;
- Investing on principal’s behalf;
- Collecting any retirement benefits;
- Transferring and selling assets;
- Buying insurance;
- Operating principal’s small business;
- Hiring someone to represent the principal.
Nondurable Power of Attorney:
Nondurable power of attorney ceases when the principal becomes incapacitated. For example, the principal may grant their brother nondurable power of attorney over their finances, as he has just received his CPA and with tax season coming up, the principal feels that he is better qualified to deal with his/her money. However, if the principal gets into a car accident and is disabled in such a way that they cannot understand the gravity of the decisions they are making, they have thusly become incapacitated and the brother’s nondurable power of attorney has therefore been terminated.
Durable Power of Attorney:
Durable power of attorney provides that the agent retains power of attorney whether or not the principal is incapacitated. For example, if the principal decides to grant their children durable power of attorney over his/her investments because he/she is aging and the children can make decisions with a clear head when he/she cannot, the children do not lose power of attorney even as the principal ages and becomes mentally incapable of knowing the gravity of his/her investment decisions. Durable power of attorney, then, continues even after the principal has been incapacitated.
Springing Power of Attorney:
Springing power of attorney is a form of durable power of attorney, which is activated only if the principal becomes incapacitated in a certain way, through certain circumstances. These circumstances are specified in the contract that grants springing power of attorney. For example, if the principal grants his wife springing power of attorney over his real estate assets and the contract signed specifically states that her springing power of attorney will become active if and only if the principal is in a coma, the wife’s springing power of attorney is not active even if the principal gets into a car accident and has a mental handicap if he is still conscious afterwards. As the specific event mentioned in the contract has not come to pass, the wife’s springing power of attorney is not active, and will not activate unless the principal falls into a coma.
Termination of Power of Attorney
All three forms of power of attorney will be terminated in any one of the following events:
- The principal dies;
- The principal revokes the power of attorney before becoming incapacitated;
- The principal was married to their agent and then a divorce occurred;
- The court finds that the principal was incapacitated when he/she signed the contract.
Revocation of agent’s power of attorney has four requirements:
- Principal must not be incapacitated;
- Principal must fill out and sign a Revocation of Power of Attorney with a new power of attorney
- Principal must deliver the form to their agent;
- Principal must deliver the form to any relevant third parties, such as his/her hospital and insurance providers if granted power of attorney over medical expense
In order to provide you with the best and most accurate consultation, we recommend that you bring as many of the following information/documents as you can to ensure a productive meeting.
- What, specifically, your agent will be in charge of
- Which specific incapacitating event must occur in order to grant springing power of attorney (if any exists)
- How long the agent shall retain their durable or springing power of attorney in the event of your incapacitation as the principal
Frequently Asked Questions
How much decision-making authority can I grant through a Power of Attorney?
- You can gran authority to make any or all of your financial decisions. This can range from banking accounts, insurances, and even taxes. The only power you cannot appoint to an attorney is authority to make changes to your will.
Difference between agent and executor?
- An agent can only make decision while you are alive while an executor can make decisions when you have passed away.
When will my durable Power of Attorney take effect?
- Once you sign in front of a notary, it will take effect.
When does my Power of Attorney end?
- A durable Power of Attorney will end once you die.
Is a durable Power of Attorney revocable?
- You are able to revoke your Power of Attorney at any time.
How do I select an agent for a Power of Attorney?
- Generally, you should select someone that you fully trust, such as a family member, spouse, or proven friend.
Sample Power of Attorney Document
SCHEDULE A SESSION
Call or email us to set up your 1-hour consultation. Easily pay the $250 consultation fee over the phone or through our email link. If you would like to have a quick chat with our team before setting up the consultation, feel free to use the calendar on the right to book your 10 minute call.
In addition to power of attorney, we also specialize in other areas of family counsel. At Tsang & Associates, we treat you like family to ensure your family gets the full legal support needed. Check out our comprehensive services down below.
IT’S LIKE HAVING A LAWYER IN THE FAMILY
- As a family-owned law firm, we pride ourselves on taking care of our clients as if they are family. As your family counsel, we offer you the same support we provide our family, whether it is legal representation or problem-solving.
- A lawyer in the family provides you the comfort to pursue any endeavors and face any challenges when they arise.
HOW IT WORKS
Just like your bank account, you maintain $5,000 fully-refundable deposit in your own private Escrow Account. The money you deposit will go towards your billing services and you are able to take out the money anytime. If a problem arises, we assist and guide you if you have the $1,500 amount in your Escrow account. Also, when you have a family counsel with us, we provide exclusive service and fee deductions on additional legal services you might be interested in.
Situations happen. To protect your family from the negative and long term effects of adversaries, a family counsel can be tremendously beneficial and valuable. From real estate planning to responding to indentity theft, we are here to mitigate and prevent any lasting damages to the welfare of your family.
Planning ahead helps you build a life of stability and success.
If a problem arises, you have a trusted attorney you can rely on.
Leave a legacy for your children and pave the pathway for their success