Q: In California a couple owns all assets (cash and home) in joint. Do they need a durable power of attorney?
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.
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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.
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