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.

Takeaways

• 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.

Chapters

(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

Learn More and Connect with Bill Miller

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https://www.linkedin.com/in/bill-miller-estate-and-elder-law-attorney-44036511/

https://twitter.com/attybillmiller

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