The conservator is court appointed and may be responsible for financial decisions, such as retirement planning, the purchase or sale of property and the movement of any other financial assets.
Many people have signed at least one power of attorney in their life. A power of attorney, which names a trusted family member, friend or advisor as your “attorney-in-fact” to control your assets, is meant to be used, if you are incapacitated.
As you know, a power of attorney (POA) allows another person, the Attorney-in-Fact (AIF), to conduct business on behalf of the principal. The POA authorizes the AIF to sign for and on behalf of the principal.
An estate plan tells your heirs and the courts how to divide up your assets, but it also helps protect your loved ones from unnecessary hassle and expense–as well as potentially months, even years, tied up in the court system settling your estate.