Glossary
D
Durable power of attorneyA durable power of attorney is a power of attorney in which a principal names an agent whose power to manage the principal’s money and property is not affected by the principal losing the ability to make decisions for himself or herself.
E
Elder abuseOften called “abuse, neglect and exploitation,” elder abuse includes many types of mistreatment of older adults. This may include physical, emotional, psychological, or sexual abuse. It also includes neglect, self-neglect, and financial abuse.
Elder financial abuseWhen a person takes or misuses an older adult’s money or assets for the benefit of someone other than the older adult. For example, neighbors, caregivers, professionals, and even family or friends may take money without permission, fail to repay money they owe, charge too much for services, or not do what the older adult paid them to do. Financial abuse is a form of elder abuse. It is also sometimes called elder financial exploitation.
EstateThe estate is all of the money and property owned by the incapacitated person.
F
FiduciaryA fiduciary is a person who has a special relationship to act for another person. A fiduciary must act in the other person's best interest at all times and must be diligent, trustworthy, and honest in doing so. A guardian of the estate is a fiduciary to the incapacitated person and owes fiduciary dutues.
Financial caregiversPeople who manage money or property for a person who is unable to make
their own financial decisions. For example, a financial caregiver could be an
agent under a power of attorney, trustee, guardian or conservator, or Social
Security representative payee or Veterans Affairs fiduciary. Learn more at
http://protecttheirmoneytx.org/.
G
Guardian of the estateA guardian of the estate is a person appointed by a court to manage the money and property of an incapacitated person or ward.
Guardian of the personA guardian of the person is a person appointed by a court to make decisions regarding the personal well-being of an incapacitated person, including decisions about medical care, employment, and living arrangements. One person may be apppointed as both guardian of the estate and guardian of the person, or the court may appoint two different people.
Guardianship orderA guardianship order is an order that a court issues to create a guardianship and appoint a guardian of the estate. The order might outline the guardian's powers and duties. This is a separate document from the letters of guardianship.
I
Incapacitated person or wardAn incapacitated person, also known as a ward, is the person for whom the court has appointed a guardian because he or she cannot manage his or her own personal or financial affairs because of a mental or physical condition.
Often called “abuse, neglect and exploitation,” elder abuse includes many types of mistreatment of older adults. This may include physical, emotional, psychological, or sexual abuse. It also includes neglect, self-neglect, and financial abuse.
When a person takes or misuses an older adult’s money or assets for the benefit of someone other than the older adult. For example, neighbors, caregivers, professionals, and even family or friends may take money without permission, fail to repay money they owe, charge too much for services, or not do what the older adult paid them to do. Financial abuse is a form of elder abuse. It is also sometimes called elder financial exploitation.
F
FiduciaryA fiduciary is a person who has a special relationship to act for another person. A fiduciary must act in the other person's best interest at all times and must be diligent, trustworthy, and honest in doing so. A guardian of the estate is a fiduciary to the incapacitated person and owes fiduciary dutues.
Financial caregiversPeople who manage money or property for a person who is unable to make
their own financial decisions. For example, a financial caregiver could be an
agent under a power of attorney, trustee, guardian or conservator, or Social
Security representative payee or Veterans Affairs fiduciary. Learn more at
http://protecttheirmoneytx.org/.
G
Guardian of the estateA guardian of the estate is a person appointed by a court to manage the money and property of an incapacitated person or ward.
Guardian of the personA guardian of the person is a person appointed by a court to make decisions regarding the personal well-being of an incapacitated person, including decisions about medical care, employment, and living arrangements. One person may be apppointed as both guardian of the estate and guardian of the person, or the court may appoint two different people.
Guardianship orderA guardianship order is an order that a court issues to create a guardianship and appoint a guardian of the estate. The order might outline the guardian's powers and duties. This is a separate document from the letters of guardianship.
I
Incapacitated person or wardAn incapacitated person, also known as a ward, is the person for whom the court has appointed a guardian because he or she cannot manage his or her own personal or financial affairs because of a mental or physical condition.
People who manage money or property for a person who is unable to make
their own financial decisions. For example, a financial caregiver could be an
agent under a power of attorney, trustee, guardian or conservator, or Social
Security representative payee or Veterans Affairs fiduciary. Learn more at
http://protecttheirmoneytx.org/.