A power of attorney is a document that allows another person to make decisions for another. A power of attorney is signed by the person allowing another to handle their finances or health decisions when they are incapacitated. A person is capable of making a power of attorney if he or she has the mental capacity to understand and execute these documents. However, if the person is not competent then a conservatorship must be set up to grant someone else these powers.
A conservatorship is similar to a power of attorney but it is Court ordered and there are more restrictions and more steps the person in charge must take. The person must be examined by a doctor to determine whether they are capable of managing their own affairs.
At Gibson & Mullennix, PLLC we draft powers of attorney and handle conservatorship cases. A power of attorney is a simpler process and allows someone’s financial affairs to be handled without the necessity and expense of an attorney for a conservatorship and for judicial oversight. Once a person becomes mentally incompetent it is nearly impossible for them to be able to sign a power of attorney and a conservatorship must be opened.
Planning for your future allows you to control this process rather than having someone else or the court decide.