When considering whether to amend a will or trust in Orange County, don’t forget about the other documents that make up a total estate plan. It is important to modify these documents at certain times. One such document that should be considered for revision is the durable power of attorney. Under California law, certain actions must be expressly stated within this document in order to be valid. A general grant of authority will not work. If your current durable power of attorney does not contain these provisions, it is important to consider whether a modification is necessary. In many cases, it may be easier to simply revoke your old power of attorney and execute a new one that is updated with this missing language.
Which actions must be expressly described within the document in order to be authorized? The following are eight examples:
- If you would like your agent to have the ability to amend, modify, or revoke your Orange County living trust
- To give your agent the ability to fund a trust that is not your own, using your own property
- To give your agent the ability to fund a trust that was not created by a person authorized to create a trust on behalf of the principal
- If you would like your agent to have the ability to make or revoke a gift of the principal’s property
- To give the agent the right to exercise a disclaimer
- To allow the agent the ability to create or change survivorship interests in property that you own or have an interest in
- If you would like to give your agent the ability to designate or change beneficiary designations
- To allow your agent to make a loan to himself
Consulting with an experienced attorney is important because you may not understand the full ramifications of the lack of these powers within your document. To learn more about modifying an estate plan in California, view our free guide, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust. Contact our office of experienced Orange County trust amendment attorneys today at (714) 459-5481 for a consultation.