Both guardianship and power of attorney enable someone else to make decisions for you when necessary. However, power of attorney is far easier and less costly for you to put in place. You should review your situation now to have powers of attorney executed for when you need it.
A guardian is someone who is appointed by the court when the ward becomes incapacitated and unable to make their own decisions. Guardianship is the option when something less restrictive like power of attorney is not available or has been tried and does not work. A guardian can make the following decisions for the ward:
- Legal
- Financial
- Health care
A power of attorney is a specific grant of authority that enables one person to make decisions on behalf of another. The grant of authority could be for a limited area, or it can be a broader and more general grant.
The benefit of a power of attorney is that it can be customizable to meet your needs. It can automatically go into effect without the involvement of a court. In order to grant someone power of attorney, you need to execute a signed document. Once you reach the point where you need a power of attorney, you may not be of sound mind. In other words, it can be too late. Giving someone a power of attorney is a less extensive and costly solution than guardianship. If you execute the documents at the right time, you will not need a guardianship.
Call a Lincolnshire Guardianship Attorney
Matters like powers of attorney need to be addressed in better time, so they are in place when you need them. To review or begin estate planning, contact the lawyers at Charles T Newland & Associates online or call us today at 847.797.9300 to schedule an appointment.
