Trusts usually come with powers of attorney.
These one- or two-page directives are potentially critical in determining what happens to you and your life's savings should you become incapacitated.
Legal experts recommend two types:
• Health-care power of attorney. This empowers an "agent" or "principal" to make medical decisions on your behalf if you can no longer take care of yourself. As an option, you also can designate a mental-health power of attorney, though health-care powers of attorney often mention both physical and mental incapacity.
• Financial power of attorney. This names someone to oversee your assets and finances. Often the person is also your successor trustee but could be someone else. The successor trustee takes precedence in managing the assets and cash in your trust. The person with financial power of attorney would control any assets not included in the trust.
Powers of attorney that are "durable" will stay in force as long as you're not capable of managing your own affairs. But unlike trusts, powers of attorney are limited. For one thing, they expire at your death, so they don't transfer assets or avoid probate at death.
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Maricopa County Probate Court - Step 2: Designate Someone to Make Decisions
Discipline should be fully public.
ReplyDeleteWhom can you trust?
A durable power of attorney doesn't mean a thing if a judge uses it as a doormat.
ReplyDeleteMy mother gave me DPOA and the judge ignored it.
ReplyDeleteYes, designate someone, but don't ever make the mistake of thinking you're safe. If the vultures smell money, there's no low they won't go to get it.
ReplyDeleteI was told guardianship trumps power of attorney. Didn't know until it was way too late, that it was a set up.
ReplyDelete