1-power of attorney-saturday-january-5-2019 · title: microsoft powerpoint - 1-power of...

Power of AttorneyThe material in this presentation is provided for information purposes only; it is not legal advice and should not be relied upon in such a manner. You should consult a lawyer to address the specific circumstances surrounding your matters

AAII Retirement and Investing GroupSaturday, January 5, 2019

from 9:30 am to NoonSkirball Centre

What is a Power of Attorney?

Judith M. Sack 2019

Judith M. Sack 2019

How are they created?

Judith M. Sack 2019

The principal directs any actions the

agent takes on his or her

behalf

Judith M. Sack 2019

California Practice

Preference for specific documents for different uses, for example:

What is not a power of attorney?

Finances Health CareDigital Assets

Judith M. Sack 2019

Power of Attorney for Financial Matters

Judith M. Sack 2019

Statutory Form• _________ (A) Real Property Transactions. • _________ (B) Tangible Personal Property Transactions. • _________ (C) Stock and Bond Transactions • _________ (D) Commodity and Option Transactions. • _________ (E) Banking and other Financial Institution Transactions. • _________ (F) Business Operating Transactions. • _________ (G) Insurance and annuity transactions.• _________ (H) Estate, Trust, and other Beneficiary Transactions. • _________ (I) Claims and Litigation. • _________ (J) Personal and Family Maintenance. • _________ (K) Benefits from Social Security, Medicare, Medicaid, or other • governmental programs or civil or military service. • _________ (L) Retirement plan Transactions. • _________ (M) Tax matters. • _________ (N) ALL OF THE POWERS LISTED ABOVE.

Judith M. Sack 2019

Statutory Form Versus DetailedExample of detailed provision dealing with Real Property:Statutory form: _________ (A) Real Property Transactions.

Detailed power of attorney:(1) Real and Personal Property. To take any actions for the management or maintenance of any real or personal property in which I own an interest when this Power is executed, or in which I later acquire an interest, including the power to acquire, sell, and convey ownership of property; control the manner in which property is managed, maintained, and used; change the form of title in which property is held (including creating or severing a “joint tenancy” right of survivorship); satisfy and grant security interests and other encumbrances on property (including a "reverse mortgage"); obtain and make claims on insurance policies covering risks of loss or damage to property; accept or remove tenants; collect proceeds generated by property; ensure that any needed repairs are made to property; exercise rights of participation in real estate syndicates or other real estate ventures; make improvements to property; and, perform any other acts described in California Probate Code §§4451 and 4452.

Judith M. Sack 2019

Power of Attorney for A Specific Transaction

Judith M. Sack 2019

Digital Assets

Judith M. Sack 2019

Power of Attorney for Health Matters

Judith M. Sack 2019

Trends

Attorney prepared documents versus bank forms.

Health care insurer forms versus attorney created documents.

Judith M. Sack 2019

THIS PRESENTATION IS NOT LEGAL ADVICE

Your presenter: Judith M. Sack Estate Planning Attorney

The contents were provided for information purposes only, and should not be relied upon as legal advice. You should consult a lawyer to address the specific circumstances of your situation.

Judith M. Sack 2019