conservatorship vs power of attorney This is a topic that many people are looking for. bluevelvetrestaurant.com is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, bluevelvetrestaurant.com would like to introduce to you Difference Between Conservatorship and Power of Attorney. Following along are instructions in the video below:
“Power of attorney or conservatorship can be very beneficial as each one of these legal legal actions has the ability to allocate decision. Making authority to another individual. Although they serve the same purpose. There are a number of differences between a conservatorship versus a power of attorney attorney jim higgins of the higgins firm recently stopped by to explain all right we ve got jim back with us thanks for joining us.
Thank. You alright let s start by talking about the difference between a conservatorship and a power of attorney. What are those differences well those are they they kind of do the same thing you know and we have an estate planning section and their division in our office and they deal a lot with both conservatorship sand and powers of attorney. There are tools that let someone else make decisions for me so if i give my wife a power of attorney and i have to go out of town for a month.
You know she could pay the bills she could sign papers for me i can tailor it as broad or as narrow as i want to a lot of times. We saw sea power of attorney was somebody s getting older you know and they think hey if there s a sign of dementia or something may be happening..
I want somebody to have power of attorney to help make decisions for me they can be health care decisions they could be financial decisions. It can be and it can wait to go in effect until the doctor says. I m not incompetent you know and you can revoke. It at any time.
A conservatorship is where a person doesn t have the ability to make that choice they may have waited too late to do a power of attorney. Or give a power attorney of the wife they have an accident they have a head trauma. But they have something where they re just they can t make their own decisions. Then you have to go to court.
And you have to tell the judge that hey this person can t make their decisions judge has to find that they re incompetent. The judge has to appoint someone to make those decisions..
It s a little more it s more expensive. It s more complicated and so we always tell people a power of attorney. It s a pretty cheap thing to do it s pretty easy thing to do you want to make sure it s done right and you can do it put in your safe deposit box and it stays there till you need it as opposed to going to the very sometimes expensive and more complicated route of having a court proceeding in a conservatorship makes sense. So when should somebody get a power of attorney.
What kind of situations do you listen well you know you should probably have one it s it doesn t hurt to go ahead and halfway like i said they re not expensive. They re good to have you know there s always these times in life where i think we assess if our affairs are in order and to be honest. That s usually what triggers it somebody has kids somebody gets married as you are you should get one you know right that you know when you have those big life movements. You retire somebody may go to a nursing home any of those things those are the times.
When you kind of assess what you have it s good to make sure you got the living will power of attorney. A regular will or a trust..
You you just want those things because it makes it so much easier on your family. And and it makes your things happen the way you want them to happen. And you mentioned that they re not expensive. I want to hit on that again because some people may be wondering it really isn t a huge cost you know powers of attorneys.
Not they re fairly simple documents. I will tell you estate planning varies. You know sometimes a simple will is a fairly inexpensive thing to do then we have clients that have complicated trust issues and things like that well it takes a lot more time a lot more energy to make sure. It s done right so.
So you know the more complicated just like anything in life the more expensive. It could be the most the simple stuff..
It s not yep definitely worth it all right jim thanks. So much. Thank. You hey.
Higgins. Firm. Is serving tennessee. Give them a call at six one five nine two four eighty five hundred ” .
Thank you for watching all the articles on the topic Difference Between Conservatorship and Power of Attorney. All shares of bluevelvetrestaurant.com are very good. We hope you are satisfied with the article. For any questions, please leave a comment below. Hopefully you guys support our website even more.