Key Takeaways | Guardianships and Conservatorships vs. Powers of Attorney
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.
Episode Notes:
In 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.
Notable Moments:
(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