Estate planning is not just for the rich and famous. However, the rich and famous are not immune to estate planning mistakes. From failing to have an estate plan to being exploited by the people to whom they granted power of attorney, they have taken missteps that others can learn from in California.
Granting a power of attorney is very important, but even more important may be the matter of to whom a power of attorney is given. People frequently choose family members, and while this often works out just fine, it can also lead to abuse in certain circumstances. One of the earliest and worst examples of this was the case of Brooke Astor. In her later years she suffered from Alzheimer’s. She had granted power of attorney to her son and suffered financial abuse because of it.
A power of attorney is a very powerful tool. It gives the person who holds it the authority to make decisions on behalf of the person granting the power. This can be beneficial if a person becomes incapacitated and unable to make decisions regarding health, finances and other issues. People are living longer, but as they age cognitive abilities can become impaired.
A person planning an estate in California can benefit from seeking the counsel of an experienced estate planning attorney. A knowledgeable lawyer can offer a detached view and assist a client in making decisions that may have a profound impact on his or her future. While one may wish to entrust one’s future care to a close family member via power of attorney, it may not always be the wisest choice.