Importance of Setting Up Powers of Attorney While Legally Competent

 

Carolyn M. Young Fiduciary Services pic

Carolyn M. Young Fiduciary Services
Image: carolynmyoung.com

Carolyn M. Young Fiduciary Services is a Sacramento, California, provider of functions such as trustee and powers of attorney. In the latter situation, Carolyn M. Young Fiduciary Services takes on responsibilities for managing client’s finances and health care, as set down within specific legal documents.

Many people do not that executing such documents requires legal competency on the part of the principal, or person on whose behalf decisions will be made.

Unfortunately, there are situations where an elderly parent no longer has the ability to access a bank account and, because he or she is legally incompetent, cannot sign over powers of attorney or create a living trust. At this point a court-mandated guardianship or conservatorship process may be necessary, which can be expensive and time-consuming. This may be caused by children who request a physician to prepare documents stating their elderly parent is not competent, believing it a prerequisite to setting up the powers of attorney arrangement.

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