Guardianships and Conservatorships Versus Powers of Attorney
Release Date: 06/18/2024
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info_outlineIn this episode, attorney Bill Miller discusses the differences between guardianships and conservatorships versus a power of attorney. He shares a story about a man who had Alzheimer's and the difficulties faced by his while trying to sell their property due to his inability to sign legal documents.
A power of attorney is a document that gives someone else the authority to make legal and financial decisions for the principal. On the other hand, a guardianship and conservatorship require a court proceeding and have court oversight.
Takeaways
- A power of attorney is a document that gives someone else the authority to make legal and financial decisions for the principal.
- Guardianships and conservatorships require a court proceeding and have court oversight.
- Powers of attorney provide flexibility and specificity, while guardianships and conservatorships give broad powers.
- Powers of attorney are quicker to establish and less expensive than guardianships and conservatorships.
- Spouses should have powers of attorney over each other, and backups should be named in the document.
- Guardianships and conservatorships are recommended when there is no one trustworthy to act as power of attorney or when court oversight is desired.
Chapters
(00:00) Introduction and Disclaimer
(04:01) Explanation of Powers of Attorney
(07:14) Pros and Cons of Powers of Attorney
(13:04) Pros and Cons of Guardianships and Conservatorships
(19:25) Importance of Powers of Attorney in Estate Planning
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