Describe the different agents (fiduciaries)

Durable Power of Attorney: Gives the person named broad power and authority to manage your property. This should be someone you trust completely to make your financial decisions for you. This person is answerable only to you and to a court-appointed guardian of you. This agent does not have the right to override your decisions but only works on your behalf.

Medical Power of Attorney: Gives the person named the authority to make health care decisions for you if you are incapacitated and unable to make the decisions yourself. Your agent is expected to make decisions as you would have.

Guardian (of self): Gives the person named authority to manage your assets and be in charge of your personal well-being should you ever need a court appointed guardian. Replaces the agents under the power of attorney, court may restrict your rights and return you to the same status as a minor child.

Guardian of Child: should no parent survive, this person is appointed by the court to care for the body of your minor child. Should there be no trustee or if property is left to a minor child without a trust, the court may appoint a guardian of the child’s estate to manage property until the child reaches the age of majority.

Author: linryajustice