What Is Difference Between Will and Power of Attorney?

Despite the common misconception that a will and power of attorney are the same thing, they are actually quite different. A will specifies how you wish your assets to be distributed after your death, while a power of attorney allows someone else to act on your behalf for financial or personal matters.

A will may also contain a nomination for an executor, who will be responsible for managing your estate after you die. This role is often given to an adult child. If you have children, you can also name a guardian to care for them if you are unable. The guardian is required to post a bond and complete a detailed inventory of your assets.

A living will is a document that makes your wishes known regarding end of life medical treatment. It is a bit different from a last will and testament, as a living will addresses specific issues related to a terminal disease, rather than a generic distribution of property.

A Power of Attorney is a legal document that allows a person to make decisions for you while you are alive. The document can be temporary or permanent. A durable power of attorney may be used to manage your legal affairs and trusts. The document can also be revoked at any time.

A Power of Attorney is often used to nominate someone to make medical decisions for you in the event that you are unable to do so. A health care power of attorney can be used to authorize specific treatments, or can be used in conjunction with a living will.

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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

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