If you have an elderly parent who needs help handling their financial affairs or an adult child with a disability who cannot manage their assets, you may wonder whether you should seek power of attorney or conservatorship for them. As a probate attorney will tell you, both legal options give authority to decide how to handle someone else’s financial matters, but significant differences exist. Knowing the information below might prepare you to discuss with an attorney which option to choose.

What You Should Know About Power of Attorney & Conservatorship Before Consulting a Probate Attorney

Features of a Power of Attorney

A power of attorney (POA) is a legal document in which an individual, called a principal, authorizes you as their agent or attorney-in-fact to make decisions and handle their personal, health, business, or financial matters. They can authorize you to act for a specific matter; such as negotiating and signing a contract or granting a general power for a limited time or an extended period.

This process does not involve court action. An attorney prepares the POA according to the principal’s wishes for the principal to sign. Just as with wills and trusts, a principal must be competent to make decisions about their POA when they sign it. If it is a durable POA, your authorization continues even if the principal becomes incompetent or incapacitated.     

Features of a Conservatorship

When a family member or loved one is incapable of making their own decisions in personal health, business, or financial matters, you can petition the probate court to appoint you as their conservator and handle their affairs. The court holds a hearing to determine whether the individual needs a conservator and whether you are qualified to serve in that role. The court can grant a limited or general conservatorship depending on the case facts, including the extent of incapacity and whether a POA is in place.

With more than 30 years of combined experience, the probate attorneys at My Legal Team, Inc. offer residents of Signal Hill, CA, and Los Angeles County sound advice and compassionate representation. If you need to make decisions about power of attorney or conservatorship for a loved one, count on their wise counsel to guide you and carry out your wishes. These attorneys provide personalized service at a reasonable and affordable price. Contact them online or call (562) 479-0900 to schedule a legal consultation with a skilled probate attorney.