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The tricky world of personal finance sometimes gets so involved that the legal system comes knocking. If you're someone who doesn't have a lot of experience in finance, you might already be used to...
A power of attorney may be: special (also called limited), general, or temporary. A special power of attorney is one that is limited to a specified act or type of act. A general power of attorney is one that allows the agent to make all personal and business decisions [9] [10] A temporary power of attorney is one with a limited time frame. [11]
A legal guardian is a person who has been appointed by a court or otherwise has the legal authority (and the corresponding duty) to make decisions relevant to the personal and property interests of another person who is deemed incompetent, [1] called a ward.
If there is a durable power of attorney for health care, the agent appointed by that document is authorized to make health care decisions within the scope of authority granted by the document. If people have court-appointed guardians with authority to make health care decisions, the guardian is the authorized surrogate. [1]
Caring for aging parents or for special needs children or other relatives can add new dimensions to your estate plan. There are various legal and financial issues that may need to be untangled and ...
Once the donor has created a lasting power of attorney and it has been registered with the Office of the Public Guardian, it can be activated when required, allowing the attorneys to act on behalf of the donor, for example, paying the donor's bills, managing investments, and so on. However, in practice, this can prove much harder than it may sound.
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