Understanding Powers of Attorney and Guardianships Presentation
This presentation covers important aspects of Powers of Attorney and Guardianships, including types of powers of attorneys, when they are needed, who should be given power of attorney, responsibilities if named as an attorney, and considerations regarding revocation. It also discusses the need for guardianships when powers of attorney are absent. Presented by UAW FCA-Ford-General Motors Legal Services Plan panelists, Carolyn Bernstein and Dave Savard, on September 27, 2018.
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Presentation Transcript
Powers of Attorney and Guardianships Webinar presented by UAW FCA-Ford-General Motors Legal Services Plan Panelists: Carolyn Bernstein and Dave Savard September 27, 2018
Powers of Attorney Grantor must be competent The Power of Attorney must comply with state laws. The Power of Attorney must be signed in accordance with state laws
Types of Powers of Attorneys Durable Health Care Springing Real Estate Child Care
When is a Power of Attorney needed? Part of a complete Estate Plan In advance of medical treatment Temporary Powers of Attorney: When selling Real Estate Child Care
Who should be given Power of Attorney? Trustworthy and reliable Understands grantor s wishes Able to follow grantor s wishes Must be willing to act as Power of Attorney discuss with person first Does not have to be a relative Can be changed
What if I am named as the Power of Attorney for someone else? Be prepared to make the decisions authorized by the Power of Attorney You must always act for the benefit of the grantor Be prepared to follow the wishes of the grantor You must comply with the terms of the Power of Attorney Always sign documents for the grantor as John Doe as attorney in fact for Mary Doe NEVER SIGN JUST YOUR NAME.
Other Considerations You can revoke and create a new Power of Attorney Naming 2 people to serve together is disfavored Who holds onto the Power of Attorney document? When does the Power of Attorney expire? Grantor dies Grantor revokes the Power of Attorney If a Power of Attorney is very old, some institutions may not honor it Plan coverage- Prepared at no cost to you by the UAW Legal Services Plan Call 1-800-482-7700
GUARDIANSHIPS When is a Guardianship needed? No Power of Attorney in place; or Person named in the Power of Attorney is no longer able to serve; and Person not competent to sign a Power of Attorney A minor child is placed with you
Guardianship Issues A formal Court procedure Competency questions Responsibilities of the Petitioner Limitation of Authority Accounting Reporting Obligations
Considerations before obtaining guardianship Am I the right person to make these decisions? Can I handle the record keeping and reporting obligations? Am I able to see the person on a regular basis? Do I want to be the person handling these decisions? Do I understand my obligations? Are there any other ways to handle the situation Powers of Attorney for example?
Plan Coverage-Guardianship Plan can provide a low-cost referral to an experienced Cooperating Attorney For assistance, contact the UAW Legal Services Plan at: 1-800-482-7700 Monday through Friday 9am-5pm (ET)
