Enduring Guardianship Vs Power Of Attorney – What Are The Differences?
These are two legal terms that are similar in many ways: Enduring Guardianship vs Power of Attorney. Enduring Guardianship gives a person the right to choose someone to make decisions on his or her behalf, while Power of Attorney allows a person to make legal decisions on his or her behalf. While they both include similar aspects, there are differences, which we delve into in this short article.
Power Of Attorney
A Power of Attorney allows an authorized person to do the following:
- Sign legal documents
- Make decisions about banking
- Pay bills
- Collect rent from tenants
- Manage investments
If, for example, you are planning to live abroad for a few years, you can choose a trusted person to do any of the above by giving them Power of Attorney.
Enduring Guardianship
You can choose a person to act on your behalf by making decisions that include:
- Your place of residence
- Services required for your health & well-being
- Medical and dental treatment
- Guide an end-of-life plan
If you would like to learn more about Enduring Guardianship in NSW, there are reputable law firms that specialize in family law.
Nominate Role Of Enduring Guardianship
You can nominate the various roles you want the chosen person to handle, which might include any of the above, however, an Enduring Guardianship cannot make decisions about the following:
- Financial decisions
- Cannot vote on your behalf
- Marriage arrangement
- Make changes to your healthcare directive
- Anything related to having children or sterilization
Last Will & Testament
If you have yet to write a will, this is something you should remedy as soon as you can. Many Australians mistakenly think that should they no longer be with us, their loved ones will automatically receive their estate, yet the laws are based on centuries-old legislation. It is best to be sure by drafting a Last Will & Testament where you stipulate who receives what from your estate, while Enduring Guardianship can be done at the same time. Click here to find out about the financial implications of a divorce.
When Does The Enduring Guardianship Become Activated
Once drawn up, the Enduring Guardianship becomes active should you suffer a disability and you must be of sound mind when setting up the Enduring Guardianship.
Sourcing A Family Law Firm
Wherever you happen to live in NSW, you are only a few mice clicks from a leading law firm that focuses on family matters. It is easy to make an appointment, wither at the law firm’s offices, or a specialist can visit you at home and help you to draft your will.
You might want your second son to have your sports car and your best friend deserves your fishing tackle, while you could set up a trust to fund your kids’ further education. There are many options and by drafting a legally binding document, you can enjoy peace of mind, knowing that your affairs are in order, should the worst happen.
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