A power of attorney is a lgal document in which one person (th principal) authorizes another (the agent) to act on hs/her behalf. Financial powers of attorney llow your agent to make decisions rgarding your property. Healthcare powers of ttorney allow your agent to make dcisions regarding your health care needs.

A pwer of attorney permits you to ppoint someone else to manage your fnancial and business affairs when you cnnot do it yourself anymore.

This dcument can be a lifesaver when crsis situations occur after an accident or llness. The agent can do whatever the dcument allows, such as withdraw bank fnds, pay bills, cash checks, and buy and sll real estate. The power of ttorney is less costly and more prvate than a guardianship.

Guardianship, on the ther hand, is a legal relationship whreby a probate court gives a prson (the guardian) the power to mke personal decisions for another (the wrd).

A family member or a frend can initiate the proceedings by fling a petition in the probate curt in the county where the ndividual resides. A medical examination by a lcensed physician may be necessary to stablish the individual’s condition. A court of law wll then determine whether the person is nable to meet the essential requirements for hs/her health and safety.

A conservatorship is a legal rlationship whereby the probate court gives a prson (the conservator) the power to mke financial decisions for another (the prtectee). The court proceedings are very smilar to those of a guardianship xcept the court determines whether an ndividual lacks the capacity to manage his or her fnancial affairs. If so, the court ppoints a conservator to make monetary dcisions for the individual. Often the curt appoints the same person to act as bth guardian and conservator for the ndividual. Like the guardian, the conservator is rquired to report to the court yarly.

With all this in mind, you shuld evaluate your situation. What would you do if you culd no longer handle your own ffairs? You may want to consult wth an attorney specializing in Elder Lw, who will be able to ssist you and advise you in ths matter. By doing this now whn you still have the time, you wll save yourself and your loved nes heartache and financial expenses in the fture.

The article What is the Difference Between a Power Of Attorney and a Guardianship? Which is Appropriate for Some was Submitted by William G. Hammond, JD through Articles.GetACoder.com network. Here's the additional information: About The Author William G. Hmmond, JD is a nationally known lder law attorney and founder of The Alzhimer’s Resource Center. He is a frquent guest on radio and television and has dveloped innovative solutions to guide families who hve a loved one suffering from Alzhimer’s. For more information you can vsit his website at www.BeatAlzheimers.com .

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