Why Your Power of Attorney Can't Do Everything
When someone you love names you as agent under a power of attorney, it can feel like you'll be able to step in and handle whatever needs to be done. But what happens when the law says otherwise?
In this episode, Jill shares the story of a Tennessee woman who discovered that even a broad financial power of attorney has limits. Through a real-life example involving a conservatorship, a probate estate, and a Florida real estate sale, she'll explore what powers of attorney can do, what they can't do, and how thoughtful estate planning can help ensure the right people have the right authority when it's needed most. Along the way, you'll learn why caring deeply about someone doesn't automatically give you the legal ability to act on their behalf, and how one woman's careful estate planning may continue helping others long after she's gone.
What You’ll Learn in This Episode
Why a financial power of attorney gives authority over your affairs, but not necessarily over every role you hold.
The difference between acting for yourself and serving in a fiduciary role for someone else.
Why an agent under a power of attorney cannot automatically step in as an executor, conservator, trustee, board member, or other fiduciary.
How courts determine who serves as a successor executor or conservator when the original person can no longer serve.
What a fiduciary is and why fiduciary responsibilities are more common than many people realize.
How revocable trusts can help avoid probate delays, especially when you own real estate in multiple states.
Why funding your trust is just as important as creating it.
The importance of confirming that a named successor trustee is actually willing and able to serve.
How thoughtful estate planning can remove obstacles for loved ones and even help people you've never met.
Resources & Links
Related Episodes
Watch this episode on YouTube: https://youtu.be/ZAUuZrrsot8
Episode 17: How Powers of Attorney Work, When to Use Them, and When It's Too Late to Get One: https://www.deathreadiness.com/podcast/episode-17-how-powers-of-attorney-work-when-to-use-them-and-when-its-too-late-to-get-one
Episodes Featuring Kristen Lewis
Episode 8: A Parents’ Guide to Special Needs Estate Planning: https://www.deathreadiness.com/podcast/a-parents-guide-to-special-needs-estate-planning
Episode 9: How to Choose the Right Special Needs Estate Planning Team: https://www.deathreadiness.com/podcast/how-to-choose-the-right-special-needs-estate-planning-team
Tennessee Estate Planning Services: https://www.deathreadiness.com/estate-planning-solution
Connect with Jill:
Website: DeathReadiness.com
Email: jill@deathreadiness.com
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