Though it is a well-known fact that one day we are all gonna leave our loved ones behind, it is very hard to plan the last days of our lives or even plan our death. It is very difficult to leave our loved ones behind without any support or someone to look after them. While planning all this, we often come across the options of power of attorney vs guardianship.
It has always been a debate or discussion that is going on legal guardianship vs power of attorney, which is a never-ending discussion. When a person is deciding his last days of this life, he must be capable of knowing what is the difference between guardianship and power of attorney or the pros and cons of guardianship vs power of attorney.
To make our readers understand what’s the difference between guardianship and power of attorney, we have created a small article. In this article, we shall be seeing some detailed information regarding power of attorney vs guardianship. Then, what is the wait? Let’s get going.
What is power of attorney?
A power attorney is nothing but a term of power that is designated to a specific person who will be taking all the decisions related to the person acting on behalf of someone else. Appointed power of attorney will make decisions regarding property, finances, investments, and medical-related care. However, power of attorney only will have a limit of power over the designated person.
What is Guardianship?
When both the parents of a child or any person is no more or unable to take any decision regarding their children’s future or any financial matters then the guardian will come into the picture. Guardian is appointed by the court to look after the child, property, and financial matters temporarily until the child is a major and can make his/her own decisions.
Power of Attorney Vs Guardianship
Power of Attorney
Power of attorney is appointed by the parents or any person to look after their belongings after they are incapable. All the rights that can be given to a power of attorney will be in your hands, and you can also decide when to hand over the power to the power of attorney. Once this power is transferred he/she shall take over health, finances, and all other related matters under their supervision.
Guardianship
Guardianship is appointed by the court after the death or when the person is not able to make his/her decisions. The person appointed is capable of making decisions about the owner’s property, financial matters, and legal decisions over the person. Guardian is nothing but the person who is filling the role of a caretaker when the actual owner is not in the position of taking care.
There are three types of guardianship –
- Full guardianship
- Limited guardianship and
- Joint guardianship.
Frequently Asked Questions
#1 Does guardianship override the power of attorney?
A guardianship can only override a power of attorney when there is no legal document or when the document is not created before the person is incapacitated. This is when the guardian can override the power of attorney to take all the decisions on behalf of the owner.
#2 What is Joint guardianship?
When the actual parent is not in the position of incapacitated to make any decisions over their property or child, the court shall make sure to appoint a guardian to make the right decisions. Joint guardianship is where two persons shall be appointed and an equal share of involvement will be expected as also decisions regarding financial matters.
#3 Does power of attorney has to be filed with the court?
Before serving as a power of attorney, he/she must make sure that their name is registered in the court and the stamp duty is paid as prescribed by the state law. This must be done where the jurisdiction states the power of attorney to execute their powers. If not then he/she is not considered a POA by the law of the state.
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Conclusion
Both powers of attorney and guardianship are the tools that assist the owner who is not capable of making any decisions over their property. Hope our readers have now understood what’s the difference between guardianship and power of attorney. Then, why wait? Choose your guardian or power of attorney today to spend your days with peace of mind.
