Guide to Durable Financial Power of Attorney in Mount Pleasant
A durable financial power of attorney is a legal document that lets you appoint someone you trust to manage your finances if you become unable to do so. In Mount Pleasant and across Tennessee, having this document in place helps avoid delays and confusion when managing bank accounts, paying bills, or handling investments. Jay Johnson Law Firm assists local residents with drafting clear, durable powers of attorney that reflect their priorities. Preparing this document in advance gives you and your family a practical roadmap during stressful times, and it is an important part of a complete estate planning approach for individuals of varied financial and family situations.
When you name an agent to act under a durable financial power of attorney, you are selecting someone who will make financial decisions on your behalf if needed. That role may include paying bills, managing retirement accounts, filing taxes, and overseeing property transactions. Because the authority can be broad, it is important to tailor the document to your wishes and to consider any limitations or safeguards you want included. Jay Johnson Law Firm provides practical guidance on selecting an agent, defining the agent’s powers, and ensuring the document complies with Tennessee law so it will be accepted by banks, financial institutions, and government agencies when called upon.
Why a Durable Financial Power of Attorney Matters for Mount Pleasant Residents
A durable financial power of attorney protects your financial affairs before incapacity occurs, which can prevent court involvement and delays. Without one, family members may need to pursue a conservatorship or guardianship through the courts, a process that can be time consuming and public. With careful drafting, a durable power of attorney preserves privacy and continuity, allowing an appointed agent to access accounts, pay bills, and manage investments immediately upon incapacity or according to the document’s triggering conditions. For families in Mount Pleasant, this planning tool reduces stress and ensures bills, taxes, and financial obligations are handled promptly and in accordance with your wishes.
About Jay Johnson Law Firm and Our Approach to Powers of Attorney
Jay Johnson Law Firm serves Mount Pleasant and surrounding communities with practical estate planning and probate services. Our approach emphasizes clear communication and documents that reflect each client’s priorities. We help clients evaluate who to appoint, outline specific powers, and add protections such as successor agents or limits on certain transactions. The team works to make sure documents are valid under Tennessee law and acceptable to local banks and institutions. We prioritize thoughtful planning that reduces future family conflicts and streamlines financial decision making when health or capacity concerns arise.
Understanding Durable Financial Power of Attorney: Key Concepts
A durable financial power of attorney gives a chosen agent authority to act on your financial behalf and remains effective even if you later lose mental capacity, as long as the document is drafted to be durable. It can be effective immediately or become effective upon a specified event, like incapacity, and can be tailored to grant broad or limited powers. Typical powers include access to bank accounts, real estate transactions, investment decisions, bill payment, and tax filings. Choosing the right scope and conditions helps balance flexibility for the agent with safeguards that match your comfort level and family circumstances.
When creating a durable financial power of attorney in Tennessee, it is important to follow statutory requirements for signatures and witnesses to ensure enforceability. The document should name a primary agent and one or more successor agents, specify whether the agent has authority over gifts or transfers, and indicate how the agent should handle conflicts of interest. In some cases, clients include limitations on certain types of transactions or require periodic accountings. Clear drafting reduces the risk of disputes with banks or family members and ensures agents can act smoothly when needed.
What a Durable Financial Power of Attorney Actually Does
A durable financial power of attorney is a written legal instrument that names an agent to manage your financial affairs and explicitly remains in effect if you become incapacitated. Unlike a general power of attorney that may end upon incapacity, the durable variation uses language that preserves the agent’s authority in those circumstances. The document can be narrow, authorizing only specific transactions, or broad, providing comprehensive financial management. It is commonly used alongside a health care advance directive and a last will or trust to provide a complete plan for managing both medical decisions and financial matters in the event of diminished capacity.
Key Elements and Steps When Creating a Durable Financial Power of Attorney
Drafting a durable financial power of attorney involves identifying an agent, selecting successor agents, defining the scope of authority, and including any conditions or limitations. The process typically begins with a consultation to review financial accounts and goals, followed by drafting language that meets Tennessee legal requirements for signatures and witnessing. Clients should consider whether the document takes effect immediately or upon a triggering event and whether it grants powers related to real estate, gifts, or retirement accounts. Finalizing the document often involves notarization and distribution of copies to the agent, financial institutions, and trusted family members.
Key Terms and Glossary for Durable Financial Powers of Attorney
Understanding the terms used in a durable financial power of attorney helps you make informed decisions. This glossary explains common phrases you will see when drafting or reviewing the document, such as agent, principal, durable language, and successor agent. Each term relates to a practical aspect of how authority is granted, limited, or transferred. Knowing these definitions will make it easier to specify your wishes precisely and to recognize what powers an agent will have once the document is in effect. Education reduces surprises later and improves the likelihood that financial institutions will accept the document.
Agent
An agent is the person you appoint to manage financial affairs under the power of attorney. The agent acts on behalf of the principal and has a fiduciary duty to follow the principal’s instructions and act in their best interests to the extent required by the document and Tennessee law. Agents can perform tasks such as paying bills, accessing accounts, and managing investments. Selecting an agent requires thoughtful consideration of trustworthiness, availability, and financial judgment because that person will make binding decisions when authorized to act under the document.
Durable Language
Durable language is the specific wording in a power of attorney that ensures the document remains effective if the principal becomes incapacitated. Without such language, the agent’s authority may end when the principal loses capacity. In Tennessee, durable language typically states that the agent’s authority continues even after the principal is incapacitated. Including clear durable language prevents confusion and helps ensure that financial institutions will recognize the agent’s authority when incapacity arises, enabling prompt management of accounts and financial responsibilities.
Principal
The principal is the person who creates the power of attorney and grants authority to the agent. The principal decides which powers to give and may place limits or conditions on those powers. It is the principal’s responsibility to understand the scope of the authority being granted and to choose an agent and successor agents in whom they have confidence. The principal can revoke the power of attorney at any time while they retain capacity, and they can modify the document to reflect changing circumstances or preferences.
Successor Agent
A successor agent is an individual designated to take over the agent’s responsibilities if the primary agent is unable or unwilling to serve. Naming one or more successors ensures a continuity plan for financial decision making. It is wise to name successors who are willing and able to assume responsibilities and to provide guidance in the document about how and when successor agents should step into the role. Including successors reduces the risk that no trusted person will be available to manage affairs when the need arises.
Comparing Durable Powers of Attorney with Other Financial Planning Options
A durable financial power of attorney is one method to ensure someone can manage your financial affairs, but alternative options include joint accounts, trusts, and conservatorships. Joint accounts can allow access but may expose assets to third-party claims and create unintended ownership issues. Trusts can provide ongoing management and avoid probate, but they involve different paperwork and potentially higher setup complexity. Conservatorships are court-ordered and usually result from a lack of planning, so they are often more time consuming and public. Weighing the pros and cons of each option helps determine the best combination for personal and family goals.
When a Limited Financial Authority Is an Appropriate Choice:
Narrow Tasks or Short-Term Needs
A limited power of attorney may be appropriate when you only need someone to handle specific transactions, such as selling a single property, signing a particular contract, or handling a short-term financial matter. This approach keeps the agent’s authority focused and reduces the scope of decisions they can make on your behalf. For many residents of Mount Pleasant who have straightforward, discrete tasks that require representation, a limited document provides the necessary authority without granting broader financial powers that could be misused or create long-term obligations.
Temporary or Transaction-Specific Authority
People often choose a limited power of attorney for temporary needs like managing a closing, collecting funds from a specific source, or handling short-term business duties. This limited form is useful when you trust someone to complete a defined transaction but do not want to give ongoing control over your finances. A carefully written limited document specifies start and end dates, identifies the exact powers granted, and clarifies any required reporting back to the principal. Such clarity helps financial institutions and third parties understand the agent’s authority and reduces the risk of disputes.
Why a Comprehensive Durable Power of Attorney May Be Preferable:
Anticipating Long-Term Incapacity
A comprehensive durable power of attorney is often preferable when there is a concern about long-term incapacity or when ongoing financial management will be necessary. It provides your chosen agent with broad authority to handle a wide range of matters, from paying recurring bills to managing investments and real estate. This continuity avoids interruptions in financial obligations and can prevent the need for court-appointed guardianship. Having a comprehensive plan in place gives family members a clear legal framework for managing affairs responsibly when a principal can no longer act independently.
Complex Financial Affairs or Multiple Accounts
When someone has complex finances, multiple accounts, business interests, or retirement assets, a comprehensive durable power of attorney ensures the appointed agent can address all aspects of financial management without repeated paperwork. Consolidating authority in a single, well-drafted document helps the agent respond quickly to tasks such as managing investments, handling tax matters, and communicating with financial institutions. This reduces administrative burdens and helps protect the principal’s financial interests through coordinated decision making.
Benefits of Using a Comprehensive Durable Financial Power of Attorney
A comprehensive approach provides clarity and continuity for your financial affairs by granting a trusted agent authority to manage diverse responsibilities. This reduces the risk of missed payments, unmanaged investments, or legal complications if you become unable to act. The document can be tailored to include reporting requirements, limitations, or oversight to align with your comfort level. For many families, a comprehensive durable power of attorney offers peace of mind knowing that a single plan addresses a wide range of potential financial needs without requiring court intervention.
Another key benefit of a comprehensive durable power of attorney is privacy. Unlike guardianship proceedings that become public, a private power of attorney allows decisions to be made discreetly. It also simplifies interactions with banks, investment advisors, and government agencies by providing a clear, legal authority for the agent to act. When the document is accepted and understood by institutions, the agent can handle matters efficiently, which minimizes delays and helps preserve asset value and family relationships during stressful periods.
Continuity in Financial Management
Continuity is a major advantage of a comprehensive durable power of attorney because it allows an appointed agent to step in quickly and manage ongoing obligations without interruption. This continuity prevents missed mortgage or loan payments, delayed tax filings, and unmanaged investments that could harm your financial position. By planning ahead and granting appropriate authority, you create a system that maintains operations and preserves relationships with creditors and service providers. That steady management can prevent escalation of problems and provide stability for dependents and family members.
Reduced Need for Court Intervention
A properly executed durable power of attorney often eliminates the need for a court-appointed conservatorship or guardianship, which can be costly, time-consuming, and public. Avoiding court proceedings saves time and money while preserving family privacy. Because the agent’s authority is granted by the principal beforehand, financial institutions and service providers can accept that authority and allow the agent to act promptly. This preplanning reduces stress for family members who would otherwise face legal processes to gain management rights over accounts and assets.
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Practical Tips for Durable Financial Powers of Attorney
Choose Your Agent Carefully
Selecting an agent requires thoughtful consideration of trust, financial judgment, and availability. Look for someone who understands your values, can communicate clearly with family members, and is willing to take on administrative responsibilities over time. Discuss the role and your expectations in advance so the agent understands reporting preferences and any limits on authority. Identifying successor agents provides a backup if the primary agent cannot serve. These conversations reduce misunderstandings and help ensure the agent can fulfill duties when the time arrives.
Be Specific About Powers and Limits
Keep Records and Distribute Copies
After executing a durable financial power of attorney, provide copies to the agent, successor agents, and relevant financial institutions. Keep the original safe and tell trusted family members where it is located. Encourage the agent to maintain records of transactions and communications made under the authority of the document. Clear record keeping helps preserve transparency and can be invaluable if questions arise later. Regularly review and update the document to reflect changes in relationships, assets, or preferences so it remains effective and aligned with current needs.
Reasons Mount Pleasant Residents Should Consider a Durable Financial Power of Attorney
A durable financial power of attorney offers practical protections for people who want continuity in financial management during illness or incapacity. It can prevent delays in paying bills, preserve access to retirement and investment accounts, and provide a plan for business or property management without immediate court involvement. For households with dependents, ongoing mortgage or tuition obligations, or complex finances, naming an agent helps ensure those responsibilities are handled promptly. Preparing this document is a proactive step toward protecting assets and maintaining financial stability for loved ones.
Another reason to consider this service is to reduce stress on family members who might otherwise scramble to obtain legal authority during a crisis. With a durable financial power of attorney in place, the designated agent can step in immediately to manage affairs, communicate with institutions, and address urgent financial needs. This preparedness saves time and money and gives families a clear legal pathway for decision making. Taking action now prevents the need for public court processes and helps maintain privacy and dignity during difficult times.
Common Situations When a Durable Financial Power of Attorney Is Needed
Typical circumstances that make a durable financial power of attorney important include advanced age, progressive medical conditions, planned long-term travel, or owning property that requires ongoing management. It is also useful for individuals with multiple accounts, business interests, or family members living out of state who need to act on behalf of the principal. Planning ahead with this document ensures that financial tasks are handled without delay and that an appointed agent has legal authority to address routine and emergency matters on the principal’s behalf.
Aging or Diminishing Capacity
As people age or face medical conditions that affect decision making, a durable financial power of attorney provides a mechanism for trusted individuals to manage finances. This planning avoids disruptions such as missed payments or unmanaged investments, and it preserves privacy by preventing court proceedings. Proactive clients can specify who will act, what powers they will have, and any oversight measures required to ensure responsible management. Having this plan in place can ease family burdens and maintain financial stability during transitions.
Long-Term Travel or Absence
If you plan to be away from Mount Pleasant for an extended period due to work, travel, or seasonal residence, a durable financial power of attorney allows a designated agent to handle financial affairs in your absence. This ensures bills are paid, property is maintained, and important deadlines are met without delay. The document can be limited to the period of absence or made durable to address unexpected incapacity. Clear instructions and communication with the agent reduce confusion and help maintain financial continuity while you are away.
Ownership of Complex Assets
Owners of rental property, small businesses, or multiple investment accounts benefit from a durable financial power of attorney because it centralizes authority for managing diverse assets. An appointed agent can step in to oversee repairs, handle tenant issues, manage payroll, or interact with advisors. This centralized authority helps avoid fragmented decision making and ensures timely responses to operational needs. Tailoring the document to address the specific types of assets you own protects value and maintains reliable management when you are unable to act.
Mount Pleasant Durable Financial Power of Attorney Services
Jay Johnson Law Firm provides practical assistance to Mount Pleasant residents seeking durable financial powers of attorney. We guide clients through selecting and appointing agents, defining the scope of authority, and meeting Tennessee execution requirements. Our goal is to create clear, enforceable documents that local banks and institutions will accept. We also advise on complementary planning tools that work with a power of attorney, such as trusts and healthcare directives, to form a complete and coordinated estate plan tailored to each client’s particular circumstances and goals.
Why Choose Jay Johnson Law Firm for Your Power of Attorney Needs
Jay Johnson Law Firm offers straightforward guidance on durable financial powers of attorney for residents of Mount Pleasant and the surrounding areas. We focus on listening to your concerns, explaining options in plain language, and drafting documents that clearly reflect your choices. Our approach helps clients avoid common pitfalls such as vague powers or missing execution steps that can lead to institution refusal. By preparing precise documents and advising on distribution and record keeping, we help families maintain financial stability when unexpected events occur.
We assist clients with practical planning decisions like choosing successor agents, setting gift-making authority, and coordinating the power of attorney with other estate planning documents. Clients receive guidance on how banks and institutions typically handle these documents and how to present them to reduce friction. We also prepare notarization and witness procedures so the documents meet Tennessee legal standards. Our goal is to provide durable planning solutions that minimize future disputes and protect the principal’s intentions.
Our office serves clients throughout Hendersonville, Mount Pleasant, and other communities in Tennessee, helping individuals and families create pragmatic plans that address real-world financial administration needs. We encourage clients to update documents as life changes occur and to communicate their choices to family and potential agents. Clear planning, proper execution, and thoughtful communication help ensure the power of attorney will function effectively if it is ever needed.
Contact Jay Johnson Law Firm to Discuss Your Durable Power of Attorney
How We Prepare Durable Financial Powers of Attorney
Our process begins with a consultation to review your financial picture, goals, and any concerns about incapacity or long-term absence. We discuss potential agents, scope of authority, and whether the document should be effective immediately or upon a triggering event. After drafting, we review the document with you to ensure it meets your needs and complies with Tennessee execution requirements. We then assist with notarization and distribution of copies to relevant parties, and provide guidance on record keeping and updating the document when circumstances change.
Step 1 — Initial Assessment and Agent Selection
The first step focuses on understanding your financial responsibilities and choosing an appropriate agent. We discuss the types of transactions the agent will need to handle and whether successor agents are necessary. This assessment includes review of bank accounts, retirement plans, real estate, and business interests to determine the appropriate scope of authority. Our goal in this stage is to create a plan that balances convenience for the agent with protections that reflect your preferences and family dynamics.
Discussing Goals and Potential Risks
During this phase we explore your priorities, such as whether asset preservation, privacy, or streamlined management is most important. We identify potential risks, such as family disagreements or complex account structures, and recommend provisions that mitigate those risks. This includes discussing whether the agent should have gifting authority, limitations on sales, or required reporting. Clear answers at this stage help tailor the document to meet your needs and avoid unintended consequences.
Selecting Primary and Successor Agents
We help you choose a primary agent and name one or more successors to ensure continuity. Considerations include geographic proximity, financial literacy, temperament, and willingness to serve. We discuss backup plans if the primary agent cannot act and recommend language that clarifies when a successor steps in. Naming reliable successors reduces the chance of gaps in authority and helps ensure the document functions smoothly when an agent is needed to manage your affairs.
Step 2 — Drafting the Document
In the drafting stage we prepare clear language that defines the agent’s powers, any limits, and the document’s effective date. We include durable wording to preserve authority upon incapacity, decide on immediate or springing effectiveness, and incorporate any special instructions such as custodial or reporting requirements. The document is drafted to comply with Tennessee statutory requirements and to be acceptable to local banks and institutions, improving the likelihood it will be recognized when presented by your agent.
Customizing Scope and Conditions
This part involves tailoring the powers to your situation: authorizing real estate transactions, retirement account access, or limitations on gift giving. We can add specific conditions for high-value transactions or require dual signatures for certain actions. These custom provisions give you control while still enabling practical management. Careful customization reduces ambiguity and helps prevent disagreements between the agent and family members or financial institutions down the road.
Ensuring Legal Formalities Are Met
Execution formalities such as signatures, witness requirements, and notarization are critical for enforceability. We make sure the final document meets Tennessee legal standards and advise on best practices for presenting it to banks, brokers, and other institutions. Proper execution increases the likelihood the agent’s authority will be accepted without delay when it is needed, and reduces the risk of disputes about the document’s validity.
Step 3 — Execution, Distribution, and Ongoing Review
After drafting, we coordinate signing, notarization, and distribution of copies to the agent, successor agents, and relevant financial institutions. We recommend storing the original safely and keeping the agent informed about account locations and passwords where appropriate. Regular review is important when life events occur, such as changes in marital status, significant asset changes, or relocation. Periodic updates keep the document aligned with your current wishes and financial circumstances.
Notarization and Witnessing
Notarization and witnessing help establish the document’s validity and make it more likely that third parties will accept it without additional verification. We assist with these formalities and provide guidance on how to present the document to banks and other institutions. Completing these steps correctly prevents delays when the agent needs to act and reduces the chance that institutions will request letters from attorneys or additional proof of authority.
Ongoing Communication and Updates
It is important to communicate your decisions to the appointed agent and to keep them informed about where important documents and account information are located. Review the power of attorney periodically to reflect changes in relationships, assets, or preferences. Updating the document when necessary ensures continued alignment with your wishes and reduces future friction. We provide guidance on when updates are advisable and assist with amendments or redrafting as life circumstances change.
Durable Financial Power of Attorney — Frequently Asked Questions
What is the difference between a durable power of attorney and a regular power of attorney?
A regular power of attorney typically ends if the principal becomes incapacitated, while a durable power of attorney includes specific language that keeps the agent’s authority in effect even if the principal later loses capacity. The durable form is used to plan for scenarios where someone may no longer be able to manage their own financial affairs. Including the durable wording is a critical drafting choice when the goal is continuity of financial management during periods of incapacity.Both forms can be tailored in scope, but a durable power of attorney is designed to avoid the need for court intervention such as guardianship. It is commonly used alongside other estate planning documents to create a comprehensive plan. Ensuring the document meets Tennessee execution requirements increases the likelihood that third parties will accept it when the agent needs to act.
How do I choose the right agent for my financial matters?
Choosing an agent involves assessing trust, financial judgment, availability, and willingness to serve. Consider whether the person lives nearby, can communicate with institutions on your behalf, and would be comfortable handling taxes, bill payments, and investments. It is wise to discuss the responsibilities in advance so the chosen person understands the role and your expectations.Many clients name a successor agent in case the primary agent cannot serve. You may also consider co-agents for checks and balances, but that choice can complicate decision making. Discussing options with legal counsel helps balance practical needs with safeguards that reflect your preferences and family dynamics.
When does a durable financial power of attorney become effective?
A durable financial power of attorney can be drafted to take effect immediately upon signing or to take effect only upon a triggering event, such as the principal’s incapacity. A springing power of attorney becomes effective when a specified condition is met, typically confirmed by a medical professional. While springing documents can limit an agent’s authority until needed, they can also introduce delays when quick action is necessary.Immediate-effect durable powers provide seamless authority for an agent to act at any time, which is helpful for ongoing management or planned absences. The choice between immediate and springing effectiveness depends on your comfort level with granting authority and your specific circumstances.
Can an agent under a power of attorney sell my property?
Whether an agent can sell your property depends on the powers granted in the document and any limitations you include. If the power of attorney specifically authorizes real estate transactions and the document meets Tennessee execution requirements, an agent can typically sign deeds, handle sales, and close real estate transactions on your behalf. Including clear language about real estate powers prevents later disputes with buyers or title companies.You may add restrictions or require agent reporting for property sales to provide oversight. If large or unusual transactions are anticipated, including successor agent provisions or requiring consultation can add assurances that the principal’s interests will be protected while allowing necessary management when incapacity arises.
How does Tennessee law affect the validity of a power of attorney?
Tennessee law sets formal requirements for signing and witnessing powers of attorney and includes provisions that affect their scope and durability. To be enforceable, a durable financial power of attorney must include appropriate durable language and comply with statutory formalities such as notarization or witness signatures where required. Proper execution under state law increases the likelihood financial institutions will accept the document when presented by the agent.State laws also guide the duties and responsibilities of agents and provide remedies in cases of misuse. Consulting counsel when drafting the document ensures it aligns with Tennessee rules and will be effective with local banks, brokers, and government entities.
Can I limit the agent’s authority or set conditions?
Yes, you can limit an agent’s authority or set conditions within the power of attorney. Common limitations include restricting the agent from making gifts, prohibiting sales of certain property, or requiring the agent to provide periodic accountings to a named family member. Tailoring the scope of authority helps preserve your intentions and reduce the risk of disagreements or misuse.Careful drafting of limitations is important because overly vague restrictions can create confusion for third parties reviewing the document. Clear and specific language ensures institutions understand the limits and helps the agent act confidently within the authorized boundaries.
What happens to the power of attorney if I move out of Tennessee?
Moving to a different state can raise questions about whether an existing power of attorney will be honored, because local acceptance depends on that state’s recognition of out-of-state documents. Many states recognize properly executed powers of attorney from other states, but it is wise to review the document after relocation and consider redrafting it under the new state’s laws to avoid complications. Confirming acceptance with banks and advisors in the new location reduces unexpected challenges.Updating the document when you move also provides an opportunity to reassess agent selection, account structures, and any new assets that may require adjustment. Consulting local counsel ensures the document will meet the legal and practical needs of the new jurisdiction.
Do banks always accept a power of attorney without question?
Banks and financial institutions do not always accept a power of attorney without additional verification because each institution has its own policies and risk concerns. Many will accept a properly executed durable power of attorney that conforms to Tennessee requirements, but some may request authentication, internal review, or legal opinion letters for unusual transactions. Preparing the document clearly and providing notarization helps increase acceptance by these third parties.To reduce resistance, provide institutions with copies in advance, notarize where appropriate, and maintain a clear record of account ownership and authority. If a bank declines to accept the document, legal counsel can assist in resolving the issue or arranging alternative measures to manage accounts.
How often should I review or update my power of attorney?
Review your durable financial power of attorney periodically, especially after major life events like marriage, divorce, birth of children, significant changes in assets, or relocation. Regular review ensures the document continues to reflect current wishes, names appropriate agents, and addresses newly acquired accounts or property. Updating the document when circumstances change prevents confusion and maintains the intended authority for agents.Many clients review their estate planning documents every few years or when a significant event occurs. Keeping the document aligned with your goals and family structure ensures it will function as intended when needed.
What should I do after executing a durable financial power of attorney?
After executing a durable financial power of attorney, provide copies to the appointed agent and successor agents, and consider giving copies to banks, brokers, and other institutions that may rely on the document. Store the original in a safe but accessible place and inform trusted family members of its location. Clear communication about your choices reduces surprises if the agent needs to act.You should also periodically review and update the document to reflect any life changes. Keeping records of transactions made by the agent and maintaining open lines of communication among family members can help prevent misunderstandings and ensure the principal’s financial affairs are managed consistently with their wishes.