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Prabhakar Speaks with CBS News on Power of Attorney Rights

August 7, 2023 – Veteran Trusts & Estates law practice attorney, Ashwani Prabhakar, shared his expertise in assigning power of attorney rights to CBS News for their article “Senator Dianne Feinstein giving up power of attorney is raising questions. Here’s what it means.”

Contrary to popular belief, power of attorney is not limited to incapacitation. Rather, Prabhakar explains that it simply involves one person giving a trusted friend or family member the authority to act on their behalf, and the person receiving power of attorney doesn’t actually have to be a lawyer. Prabhakar gives the example of purchasing a home in another state – in which a buyer who is unable to be at the closing in person grants power of attorney to a significant other to sign the documents for them.

Prabkahar spoke about how power of attorney documents are extremely common, especially with high-net-worth clients who often grant power of attorney for various assets, so they are not directly responsible for handling them, and discussed the various types of power of attorney that are available, including a “springing power of attorney” that only goes into effect when something happens, like independent physicians declaring you incapacitated. However, Prabhakar did caution that once a person becomes incapacitated, it’s too late to assign power of attorney, so any powers must be granted when the principal is competent.

Want to read the article? Click here.

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