Q: Do we need a power of attorney? or several? what about a will & trust?: We are a family of 4 (2 adults, 2 children) originally from France. We live in California and own our house. We do not have family around. We are worried that if anything happens to us, our children will be put in foster care instead of living with friends before our family arrives. What papers do we need to prepare to cover this situation? Asked 6 months ago in Power Of AttorneyA: Candice’s answer: Hi, A power of attorney will only be effective to take care of you and your finances while you are alive, but become incapacitated. You really should consider having a Will and a Trust. In the Trust you can designate a person in charge of your children{s finances and direct that they distribute funds upon the children attending college or reaching a certain age. This avoids probate. You may also appoint a Guardian for each of their persons in both the Will and the Trust. This will ensure that the children go to people you know, trust and believe will care for your children properly. In California, minor children cannot own title to property, including cash assets (in bank accounts), so a guardianship will be necessary, unless a Trust exists. I highly recommend you consult with an Estate Planning attorney. Many offer free initial consultations, such as our firm.
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