power of attorney - health care directives - guardianship - CONSERVATORSHIP
Conveyance of Power of Attorney, Conservatorship, Guardianship, and Health Care Directives, are all tools one should consider when caring for a family member whose best interest is served by another individual acting on his/her behalf.
Power of Attorney:
A Power of Attorney conveyance is a large legal step; one that should not be done without legal consultation. Both the party conveying, and the party to whom power of attorney is conveyed, should be represented by separate legal counsel of their own choosing. Depending on its scope, a Power of Attorney can allow one individual or entity to act for another regarding all financial matters. Durable Power of Attorney continues that authority after incapacity.
Recording of the Power of Attorney, distribution to family members, revocation, and affidavits of non-revocation, recordation against real property, to name a few, are all applicable concerns with any Power of Attorney of Power of Attorney, and should be discussed with a lawyer before execution. Always hire a lawyer, whether you are the conveyor, or the party to whom Power is conveyed.
Conservatorship:
It is much like Power of Attorney accept it comes with the added benefit of, transparency, Court over-sight, bond (if applicable), and a Court appointed attorney for the party over whom Conservatorship is sought (called the Protected Party).
Transparency because the Conservator is required to make at least annual reports to the state regarding the Protected Parties financial standing. Those reports are audited to make sure all transactions relate to the best interest of the Protected Party.
Court over-sight because any unexplained expenditure is flagged and a Court Hearing is set. At the Hearing the Conservator is expected to account for the auditor's flagged transaction. Those reports cam be distributed to all family members.
A bond could be ordered by the Court in the event personal assets over $10,000.00 are deemed by the court to be at risk.
In all Conservatorship actions, the party over which Conservatorship is sought is appointed his/her own independent legal counsel.
Its the added benefits to Conservatorship, compared to power of attorney, that makes Conservatorship more appealing to some. Each situation is different, but Conservatorship has more built-in safeguards that accrue a benefit to the Protected Party, and insure he/she will not be financially injured by errors or intentional wrong-doing.
Guardianship:
Guardianship pertains largely to the medical, housing and social aspects of an individual's life. There are variations to guardianship: limited, emergency, and temporary are the three most notable. All Court actions for any type of guardianship will call for the appointment of independent counsel for the party over whom guardianship is sought (Ward).
Health Care Directives:
A Health Care Directive (HCD) will appoint a person (Agent) to act in another person's (Principal) best interest regarding the Principal's health care, in the event the Principal is incapacitated and cannot assert his/her own wishes.
All the above tools have enormous legal impact on the parties involved. The reduced liberty and corresponding fiduciary responsibility (and liability for the breach thereof) dictates the party's first consulting with an attorney.
Call me any time:
Francis X. Hughes
302 West Superior Street STE 306
Duluth, MN 55802
TEL: 218-966-0964
Power of Attorney:
A Power of Attorney conveyance is a large legal step; one that should not be done without legal consultation. Both the party conveying, and the party to whom power of attorney is conveyed, should be represented by separate legal counsel of their own choosing. Depending on its scope, a Power of Attorney can allow one individual or entity to act for another regarding all financial matters. Durable Power of Attorney continues that authority after incapacity.
Recording of the Power of Attorney, distribution to family members, revocation, and affidavits of non-revocation, recordation against real property, to name a few, are all applicable concerns with any Power of Attorney of Power of Attorney, and should be discussed with a lawyer before execution. Always hire a lawyer, whether you are the conveyor, or the party to whom Power is conveyed.
Conservatorship:
It is much like Power of Attorney accept it comes with the added benefit of, transparency, Court over-sight, bond (if applicable), and a Court appointed attorney for the party over whom Conservatorship is sought (called the Protected Party).
Transparency because the Conservator is required to make at least annual reports to the state regarding the Protected Parties financial standing. Those reports are audited to make sure all transactions relate to the best interest of the Protected Party.
Court over-sight because any unexplained expenditure is flagged and a Court Hearing is set. At the Hearing the Conservator is expected to account for the auditor's flagged transaction. Those reports cam be distributed to all family members.
A bond could be ordered by the Court in the event personal assets over $10,000.00 are deemed by the court to be at risk.
In all Conservatorship actions, the party over which Conservatorship is sought is appointed his/her own independent legal counsel.
Its the added benefits to Conservatorship, compared to power of attorney, that makes Conservatorship more appealing to some. Each situation is different, but Conservatorship has more built-in safeguards that accrue a benefit to the Protected Party, and insure he/she will not be financially injured by errors or intentional wrong-doing.
Guardianship:
Guardianship pertains largely to the medical, housing and social aspects of an individual's life. There are variations to guardianship: limited, emergency, and temporary are the three most notable. All Court actions for any type of guardianship will call for the appointment of independent counsel for the party over whom guardianship is sought (Ward).
Health Care Directives:
A Health Care Directive (HCD) will appoint a person (Agent) to act in another person's (Principal) best interest regarding the Principal's health care, in the event the Principal is incapacitated and cannot assert his/her own wishes.
All the above tools have enormous legal impact on the parties involved. The reduced liberty and corresponding fiduciary responsibility (and liability for the breach thereof) dictates the party's first consulting with an attorney.
Call me any time:
Francis X. Hughes
302 West Superior Street STE 306
Duluth, MN 55802
TEL: 218-966-0964
