Chapter 2 Flashcards
(13 cards)
Representative Payee
Person designated to receive payments such as social security
Default Surrogate Decision Making Laws
Laws identifying who may make decisions for an incompetent individual absent instructions from the individual
Living Will
Document containing instructions about health care
Health Care Proxy
Identifies person to make health care decisions
Power of Attorney
Document in which principal appoints agent to act on their behalf
Springing Power
Power that becomes effective in the future
Durable Power
Power that remains valid despite incompetence of individual
Special or Limited Power
Power of attorney for specific transactions
Universal Power
Grants all authority permitted by law
Discretion
Freedom to make decisions based on ones own judgement
Fiduciary Relationship
Relationship imposing legal duties of trust and disclosure
Personal Property
Physical moveable property
Commingle
To combine funds or properties
