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What’s the difference between a guardianship and power of attorney?

Guardianship

  • Guardianship is a legal relationship between a ward and a guardian (that is appointed by the court to make decisions on behalf of the ward).
  • Guardians have broad legal authority that is recognized by medical providers and financial institutions, but may or may not be a person of your choosing, and is subject to court supervision for the ward’s protection.
    • Read more about Guardianship

    Power of attorney

  • A power of attorney appoints an agent to act on a service member’s behalf, whose authority is limited to the scope of the document.
  • Power of attorney is less costly than a guardianship; however, some financial institutions may refuse to honor it for assets. A power of attorney can be revoked at any time, while a guardianship cannot.
    • Read more about Power of Attorney