A Financial Power of Attorney (POA) is a powerful document that every senior should have in place. This document allows another person, the agent, to make financial decisions on behalf of the senior, the principal, in the event the senior cannot make their own decisions. Without this document in place, if the senior becomes incapacitated, a court process will be necessary so that the court can appoint someone to make those decisions.

When an agent acts, he steps into the shoes of the principal. But what acts can an agent do? Well, that depends upon the powers given in the document. Can an agent create a trust on behalf of the principal? Does the POA need to contain certain language for that act to be allowed?

From the Internal Revenue Service’s extension of time to use the simplified method for electing portability to the enforceability of modifications to click-wrap agreements, we have recently seen significant developments in estate planning and business law. To ensure that you stay abreast of these legal changes, we have highlighted some noteworthy developments and analyzed how they may impact your estate planning and business law practice.

As folks age, they oftentimes become unable to manage their affairs. A court can name someone to handle these affairs on the senior’s behalf. A guardian is appointed to make personal or healthcare decisions; a conservator is appointed to make financial decisions. The senior is termed the “ward.” That guardian and conservator (oftentimes the same individual) are then responsible to handle the ward’s affairs, in the ward’s best interests. But how far can the conservator go? Can a conservator sue the ward’s spouse for support and maintenance? This issue was recently litigated in South Carolina.