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Difference between revisions of "Glossary for Managing Someone Else's Money"
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Glossary for Managing Someone Else's Money (view source)
Revision as of 21:32, 19 March 2018
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;Committee: A person or body (such as the Public Guardian and Trustee) appointed by the court to make legal, financial and medical decisions for someone who is mentally incapable and cannot manage their own affairs. | ;Committee: A person or body (such as the Public Guardian and Trustee) appointed by the court to make legal, financial and medical decisions for someone who is mentally incapable and cannot manage their own affairs. | ||
;Enduring power of attorney: A legal document that enables an adult to appoint another person to make financial and legal decisions for them, and specifies that the appointment | ;Enduring power of attorney: A legal document that enables an adult to appoint another person to make financial and legal decisions for them, and specifies that the appointment continues—or “endures”—in the event the adult becomes mentally incapable. | ||
;Fiduciary: A legal relationship where one person has an obligation to act for another's benefit. | ;Fiduciary: A legal relationship where one person has an obligation to act for another's benefit. | ||
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;General power of attorney: A power of attorney that gives general powers to the attorney for an unlimited period of time while the adult is mentally capable of managing their own affairs. It ends if the adult becomes mentally incapable. | ;General power of attorney: A power of attorney that gives general powers to the attorney for an unlimited period of time while the adult is mentally capable of managing their own affairs. It ends if the adult becomes mentally incapable. | ||
;Limited power of attorney: A power of attorney that limits the attorney’s powers to a specific task or a specific period of | ;Limited power of attorney: A power of attorney that limits the attorney’s powers to a specific task or a specific period of time—for example, to sign papers completing the sale of a specific property. | ||
;Power of attorney: A legal document that enables an adult to give another person (or more than one person) the authority to make financial and legal decisions for them. | ;Power of attorney: A legal document that enables an adult to give another person (or more than one person) the authority to make financial and legal decisions for them. | ||
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;Representation agreement: A legal document that enables an adult to authorize someone to make decisions for them when they can no longer manage on their own. The “representative” can make decisions relating to health care and personal care matters. With a “section 7 representation agreement”, the representative can also be authorized to handle “routine management” of financial affairs and most legal matters. | ;Representation agreement: A legal document that enables an adult to authorize someone to make decisions for them when they can no longer manage on their own. The “representative” can make decisions relating to health care and personal care matters. With a “section 7 representation agreement”, the representative can also be authorized to handle “routine management” of financial affairs and most legal matters. | ||
;Springing power of attorney: A power of attorney that only becomes effective when an event happens, such as a finding that the adult is mentally incapable. | ;Springing power of attorney: A power of attorney that only becomes effective when an event happens, such as a finding that the adult making the power of attorney is mentally incapable. | ||
{{Managing Someone Else's Money Navbox}} | {{Managing Someone Else's Money Navbox}} | ||