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