A Springing Power of Attorney is a type of power of attorney that becomes effective only when a specific event or condition occurs, usually when the attorney becomes incapable of making decisions for himself or herself, such as becoming seriously ill or incapacitated. Until that condition occurs, the attorney retains full authority to make decisions regarding his or her property, health, and legal affairs.
Without a power of attorney in place, when we become incapacitated, our family members must go through the Court process (conservatorship) to be able to make decisions on our behalf. The total cost can range from $5,000 - $25,000.
Having a Living Trust not only ensures control of assets, but the main purpose of a Living Trust is to help us avoid the Probate process through the Court. Probate costs can range from 5% -10% of the value of our total assets and can take up to 2-3 years for the Court to resolve.
VINH DOAN LAW OFFICE
Estate Planning | Taxation | Probate | Business
Vinh N. Doan, MSIM, J.D., LL.M. in Taxation
10971 Garden Grove Blvd., Suite G
Garden Grove, CA 92843
Cell:(714) 332-9700