Q: In California a couple owns all assets (cash and home) in joint. Do they need a durable power of attorney?
A:
You might not be legally required to have a durable power of attorney if you and your spouse hold all your assets jointly. Joint ownership allows both of you to manage and access the assets together, which can simplify many financial matters.
However, having a durable power of attorney is highly recommended. It provides clear authority for one spouse to handle financial and legal decisions if the other becomes incapacitated. This ensures that your affairs are managed smoothly and according to your wishes without unnecessary delays or complications.
Including a durable power of attorney in your estate planning can offer additional protection and peace of mind. It addresses situations that joint ownership alone might not cover and helps prevent potential disputes. Consider consulting with an estate planning professional to determine the best approach for your specific needs.
A:
Yes.
First, chances are there's something you forgot that isn't joint - for example, any 401k or IRA is individual by definition. Or perhaps there are utilities that are only in one person's name. In order to access those in cases of incapacity, a spouse needs the POA.
Second, what if something happens to both of you? If you're in a serious car accident, or you both fall ill, you need a backup. That person should be named as the backup agent.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.