Guardianship is something that is decided by the New York courts upon their receiving of a guardianship petition. On the other hand, a power of attorney is something that is determined in one’s estate plan. Continue reading to learn other differences between guardianship and a power of attorney and how one of the experienced New York City guardianship attorneys at Zimmet Law Group P.C. can walk you through this.
What is the purpose of guardianship?
Put simply, guardianship is a legal arrangement that may appoint your loved one as the agent who will conduct your affairs in the unfortunate event that you become incapacitated and are no longer able to do so independently. Your loved one may be granted guardianship for any or all of the following:
- Guardianship of the person: your agent will make your personal and medical decisions on your behalf.
- Guardianship of the property: your agent will make your financial decision on your behalf.
- Guardianship of the person and property: your agent will make your personal, medical, and financial decisions on your behalf.
- Guardianship ad litem: your agent may assist you in appearing in court to protect your rights on your behalf.
What is the purpose of a power of attorney?
Then, there is a power of attorney, which is an important estate planning tool that you should utilize. You may appoint a power of attorney for any or all of the following reasons:
- A durable power of attorney: otherwise known as a financial power of attorney, this grants your agent the ability to perform the financial acts on your behalf (i.e., handling your business affairs, signing checks, opening bank accounts, etc). Notably, it is immediately effective.
- A general power of attorney: this grants your agent the ability to perform certain financial transactions on your behalf (i.e., banking matters, investments, etc). Notably, it is effective when you become incapacitated.
- A springing power of attorney: this grants your agent the ability to perform acts on your behalf after a triggering event (i.e., mental or physical disability).
- A limited power of attorney: this grants your agent the ability to work on your behalf according to your wishes.
- A healthcare power of attorney: this grants your agent the ability to make medical decisions on your behalf (i.e., artificial nutrition and hydration, donating organs, etc).
Overall establishing a power of attorney ensures that affairs are handled in the way that you would have wanted, while also preventing disagreements between your loved ones. To find out more about how to establish a power of attorney and your overall estate plan, you must consult with one of the skilled New York City powers of attorney today.