A guardianship is a legal relationship where one person has the right to make decisions on another person‘s behalf. It can be an important thing to consider when making an estate plan. Ordinarily, only that individual has the legal authority to take certain steps, so a guardianship can be a significant change in their life.
The first way that this works is if someone is experiencing decline as they age, and they essentially need a caretaker. This person may make day-to-day decisions for them and help with the things they can no longer handle on their own.
For example, say that an elderly person is experiencing mental decline due to Alzheimer’s. They need to make sure they take their medication every day, but there’s some concern about whether or not they’ll remember to do it. If they’re incapacitated, a guardian could be put in place to look out for that person’s best interests by picking up their medication, sorting it and helping them know when to take it.
Guardianship for a minor
Another thing to consider, especially when doing estate planning after having a child, is that a guardianship could be established for someone while they’re still a minor. After all, if their parents pass away before they turn 18, there are certain legal steps and decisions they can’t make on their own. The guardian often becomes a substitute parent, providing a safe living space, helping them enroll in school, make medical decisions and much more.
Drafting an estate plan
These are just two components to think about when creating an estate plan. Make sure you know about all the legal options you have this year.
