Many people wonder about the differences between a power of attorney and guardianship. Read on to learn more.
What is a Power of Attorney?
A power of attorney gives a loved one the ability to make important decisions on your behalf in the event that you can no longer make these decisions for yourself. This responsibility is usually given to a close friend or family member. This individual will be able to make decisions about your finances, healthcare, and other important aspects of your life, depending on what you decide.
Different Types of Powers of Attorney?
There are different types of powers of attorney in Michigan. Each situation is different and each individual has different needs. As a result, you can choose a power of attorney that best suits your specific circumstances. The main types of powers of attorney include:
- Immediate power of attorney: the power of attorney goes into effect as soon as the document has been executed
- Springing power of attorney: the power of attorney goes into effect only when a specific event occurs, such as becoming incapacitated, etc.
- Durable power of attorney: the document remains in effect when you become incapacitated and remains in effect over time
- Non-Durable power of attorney: the power of attorney is terminated in the event you become incapacitated or disabled
What is Guardianship?
Guardianship allows a person to take over some or all of the decisions and responsibilities of another person. This may happen in cases involving an elderly or disabled adult who is no longer capable of caring for him or herself. In some cases, a person will have already named a guardian in his estate planning documents. Other times, no guardian will have been named and a loved one can file for guardianship.
What Are the Types of Guardianship?
There are several different types of guardianship that can be appointed depending on the individual and his or her situation. These include the following:
- Guardian of the person: This individual makes life decisions for a person, including health care, education, and welfare.
- Guardian of the property: This individual handles decisions about the person’s money, investments, and savings. They are obligated to file an annual report about the properties.
- Guardian of the person and property: This individual is responsible for both life and property decisions.
- Guardian ad litem: This individual is assigned by a judge to act for an individual during a court case in the event that they cannot defend their rights or protect their own interests.
If you have any questions or concerns, contact our experienced firm today.
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