Kornum Conner posted an update 2 months ago
Without an extensive power of attorney (POA), many people cannot deal with the financial affairs of their loved ones, nor make healthcare decisions without court intervention (conservatorship and guardianship). Unfortunately, it has been our experience that many folks, including financial consultants, accountants as well as some attorneys don’t understand what one is and why it is essential to have one. Clients often come into our office supposing, just cause they’re married or are a joint owner of assets, they are able to sell or transfer assets. In fact, a current client is unable to market his mother’s house cause she never signed a durable power of attorney.
There are lasting powers of attorney which authorize your agent to make decisions for you concerning monetary matters and healthcare powers of attorney which allow your agent to make decisions regarding your health needs.
Yours can be broad in scope, giving your agent the ability to create any and all financial choices for you (a General Durable POA) or you can limit your brokers authority by specifying the kinds of financial decisions you will permit them to make (a Limited Durable POA). You may also prefer to give your broker the instant capacity to make decisions on your behalf (a Durable POA) or you could restrict your brokers authority to act only when you become incompetent (a Springing POA).
What is a Guardianship and Conservatorship?
Guardianship is a legal relationship in which the court gives a person (the guardian) authority to make personal decisions (medical, home, etc.) for another (the ward). A written statement by a physician might be essential to establish the ward’s incapacity.
military divorce attorney determines whether a guardian is required on account of this ward lacking the required mental capacity to make personal decisions. Unless limited by the court, the guardian has the very same rights as parents have over their minor children. The guardian is required to report yearly to the court concerning the condition of the ward.
A conservator is a legal relationship whereby the probate court gives a person (the conservator) that the power to make financial decisions for another. The court proceedings are much like the ones of a guardianship except that the court is deciding whether the person has the capacity to manage his or her financial affairs. A conservator is also required to file an yearly accounting documenting (with verification) all of the income and expenses incurred every year. A surety bond (an insurance policy) is frequently needed by the court to safeguard against the conservator engaging in any improper use of the person’s assets.