Suppose you’re in McAllen and beginning your estate planning journey. In that case, there’s a big chance you’re running into terminology you may not be entirely familiar with – beneficiary, health directive, plus Guardianship and power of attorney. Today, our estate planning lawyers in McAllen at Fryer and Hansen want to focus on these last two, particularly on the difference between Guardianship and power of attorney.
Guardianship
A guardianship arrangement enables a court to appoint a person or entity to make decisions on behalf of an incapacitated person, known as the ward. Usually, these decisions can include healthcare directives, living arrangements, or financial determinations.
It’s essential to recognize guardianships are generally used when a person cannot make independent decisions on important matters but has not appointed someone to act on their behalf through a power of attorney.
Benefits of Including a Guardian
- Award may lose some autonomy when guardianship is established as the guardian makes decisions on their behalf.
- Courts require guardians to provide regular reports that detail the ward’s condition and financial status, providing transparency and accountability.
- Guardianship ensures protection of your loved one by involving the court and binding legal proceedings to determine whether an individual is incapacitated or needs a guardian.
Power of Attorney
Unlike Guardianship, a power of attorney rarely sees court involvement. This legal document allows an individual to grant authority to another person to act on their behalf in case of incapacitation or other specified matters.
Powers of attorney can be tailored to address financial issues and healthcare decisions. Plus, they provide flexibility and control over who will make decisions on your behalf if you cannot do so.
Perks of Having a Power of Attorney
- As we mentioned before, powers of attorney do not require court involvement unless a dispute arises over the validity or interpretation of the document.
- Powers of attorney allow you to retain greater autonomy as you select the individual(s) you trust to act on your behalf and define the scope of their authority.
- Creating a power of attorney is generally less expensive and time-consuming than pursuing Guardianship, making it a more accessible option for many individuals.
- Powers of attorney are highly customizable. They can be written to meet your specific needs and preferences and allow you to designate individuals for the areas you wish them to focus on.
Choose the Right Estate Planning Lawyers in McAllen
Over the years, we’ve seen how overwhelming and confusing the estate planning process can be for some individuals. But don’t worry; our estate planning lawyers in McAllen are ready to assist you.
Whether you’re drafting your power of attorney or want to know how to navigate the guardianship process, know we’re prepared to provide our utmost expertise. Contact our lawyers in McAllen today to get started.