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Two major types of powers should be considered: Financial and Health Care (Living Will). A financial power of attorney attends to all aspects of money, trusts, wills, investments, legal proceedings, income, taxes, gifts, and property to name a few. A living Will or Advanced Health Care Directive (AHCD) provides all aspects of how a principal expects life to be maintained or discontinued.

These powers are typically classified as general, durable, springing, or limited. A power is said to be durable when the agent continues to act on behalf of the principal when said is deemed unable to make decisions regarding health care or finances. A power may be springing at a specified future time or subsequent incapacity of the principal. A limited power is typically used for real estate transactions where the principal cannot be present and such has an expiration date set forth in the power. However, all powers expire when the signer does as well.

Estate or Trust Administration

A trustee will manage investments, keep records, manage assets, prepare court accountings, pay bills (depending on the nature of the trust) medical expenses, charitable gifts, inheritances or other distributions of income and principal. Trustees are not required to exercise all of the powers that they are granted.[2] A trustee can manage any number of trust types, including Charitable, Special Needs Trusts, ILIT, Corporate, and Estate Trusts.

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Conservator / Committee

The term conservatorship is synonymous with elderly guardian but used mostly in the western United States. It is a court-appointed process that can be very expensive as the petitioners and proposed conservatee all must be represented by attorneys, with just a few exceptions for in pro per family members without objections. The reason for the expense is that the proposed conservatee's estate is expected to bear the burden of the court costs in the procedures to appoint.
 

Powers of Attorney

Under common law, a power of attorney becomes ineffective if its grantor dies or becomes "incapacitated," meaning unable to grant such a power, because of physical injury or mental illness, for example, unless the grantor (or principal) specifies that the power of attorney will continue to be effective even if the grantor becomes incapacitated. This type of power of attorney is called "power of attorney with durable provisions" in the United States or "enduring power of attorney" elsewhere. In effect, under a durable power of attorney (DPoA) [1] Read more

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