Power of Attorney is voluntary and can only be granted by An adult who does not suffer from mental disease or defect. It can be temporary or permanent. It can be over all matters or over limited matters. Power of Attorney expires at death. There are four kinds of Power of Attorney:
1) Durable power of attorney is for all matters and an unlimited time.
2) Special or Limited power of attorney for a specific transaction and limited period is frequently used for real estate transactions when the buyer or seller will not be present.
3) Non durable power of attorney is for a limited matter and limited period of time and is frequently used by members of the military going active duty.
4) Medical power of attorney is to make medical decisions is frequently used by individuals prior to surgery or to nonparental adults who will be traveling with a child.
Interdiction is medical or financial power over another adult. It can be temporary or permanent. It cannot be granted by one adult to another because it requires capacity and interdiction is only granted over an individual who suffers from medical, or mental disease or defect. Interdiction can only be granted by a judge in an adversarial proceeding and cannot be by consent. Interdiction is used for closed head injury victims, parties suffering from mental disease or injury. If recovery is anticipated, it can be temporary. The person to whom power is granted is the Curator. An Undercurator must also be appointed.
Tutorship is medical and financial power over a minor. Tutorship is financial only and expires at the age of majority. It is frequently used by parents or guardians to sue on behalf of children.
Custody bestows the power to make both financial and medical decisions over a minor. It expires at the age of majority and can be by consent or in an adversarial proceeding. It is subject to change until the minor reaches the age of majority if it is in the minor’s best interests.
Testamentary power is granted in a Will. A Will does not go into effect until death and is for financial matters and to appoint a guardian for minors.
Trusts are entities set up to take ownership of property while the trustor is still alive. The trustor must be an adult who does not suffer from mental disease or defect. The property is for the benefit of the beneficiaries. The beneficiaries can be minors or adults, and can, but don’t have to, suffer from medical or mental disease or defect. The managers of the trust are the trustees. The trustees must be adults or other entities, like a bank, that do not suffer from mental disease or defect. The trustees have a legal duty to manage the property for the best interest of the beneficiaries. There are tax benefits for trusts, which are not available for wills. Trusts are frequently used for parents with children from prior marriages or relationships.
For Power of Attorney, Interdiction or Tutorship call Ellen Cronin Badeaux, LLC call 985-892- 1955 in Amite, Baton Rouge, Chalmette, Covington, Franklinton, Gonzales, Gretna, Harvey, Kenner, Livingston, Madisonville, Mandeville, Metairie, New Orleans, Slidell in Ascension, East Baton Rouge, Jefferson, Livingston, Orleans, St. Bernard, St. Tammany, Tangipahoa and Washington Parishes.
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