Springdale Estate Planning Attorney Answers “What is the Difference Between a Power of Attorney and a Guardianship?”
Everyone needs a plan in place to protect them from the possibility that them may end up incapacitated. Life is not guaranteed to be accident free. Tomorrow is not promised. You can end up in an accident any time without warning. You could suffer a major medical incident without warning. And you could be afflicted with dementia, in its various forms.
If any of these things happen you want to know you are protected. You want your people in charge instead of a Judge.
Power of Attorney
A power of attorney is something that you sign yourself. In it you name who will take over managing your affairs when you can’t. You pick who will be in control instead of a Judge.
A durable power of attorney is something that every adult over 18 should have. Without it, your family will probably end up in court seeking a guardianship from a Judge.
Your power of attorney should be durable. If not, then the moment you are unable to manage, your power of attorney stops.
A power of attorney can be “springing” or “immediate.” A springing power of attorney only starts when you are declared incapacitated by a doctor (or two). An “immediate” power of attorney starts when you sign it.
A durable power of attorney can also be limited in what power you give.
Guardianship
A guardianship is issued by a Judge in court. People do lose the ability to take care of themselves. If they don’t have a durable power of attorney, then a third party, the State, steps in to give a third party the power to make their decisions.
Typically, in Arkansas, the third party of the Judge’s choosing, gets the power to manage financial, personal, legal, and healthcare decisions.
Since it is a court proceeding, you will lose your privacy. Your diagnosis, basic worth, address, and more is published in the court records. These records are public, and in Arkansas, online.
Conclusion
It is your choice whether or not you want the State in charge or if you want to pick who controls.
To learn more about Springdale Estate Planning, or to setup a durable power of attorney, give us a call, or schedule online.