Thinking that something terrible could happen to us is not something we like to do. However, no one can really know what tomorrow will bring; unfortunately, accidents and catastrophes can happen anytime.
One way to protect our loved ones, and even ourselves, in any eventuality, is to make a plan to establish how we would like things to be handled specifically. In the event that we were no longer around from our assets, our finances, our health, and, in some situations, which person we would like to take custody of our family.
When we have small children or even an elderly or disabled person who needs to be taken care of, we can consider a guardianship and choose a person we trust to exercise it.
What is a guardianship?
A guardianship gives one person the legal authority to make decisions for another one. This person is known as a “guardian” and may be pre-appointed by you or, in extreme cases, may even be appointed by the court. The aim is to look after the interests of someone, whether a child or an adult, who will be known as the “protected person.”
Types of guardianship
You can choose from different types of guardianship depending on your situation. It is essential to be informed of all your options so that you can make the best decisions for your loved ones. Let’s see what they are.
Guardianship over the person. In this type of guardianship, the guardian is responsible for making personal and medical decisions for the protected person. This may include what school they will attend (children), who they will live with and where, the type of medical care and treatment they will receive, and others. The role of the guardian is to be responsible for the well-being and integrity of the person.
Guardianship over the estate. In a guardianship over the estate, the guardian is responsible for making financial decisions for the person. However, court approval will usually also be needed before making a significant transaction involving the protected person’s assets.
Guardianship over the person and the estate. This type of guardianship includes both responsibilities, both personal and financial decisions for the protected person.
If you have any questions about what may be best for you, reach out to us. At Faloni Law Firm, we can help develop the right plan for you.