Guardianship is a court-ordered management of you and/or your finances. A Guardian is chosen by the Court, and this person can be a family member or a court volunteer. The Guardian is appointed to manage your decisions after you have been deemed unable to do so by a medical professional.
The Guardian of your person can make all decisions related to your medical care, living situation, and all matters concerning your well-being. Once appointed by the Court, they have the authority to make those decisions, excluding you from the ability to make them.
The Guardian of your finances (Estate) manages all matters related to your finances after you have been determined not competent to do so by a medical professional. The Guardian will have to post a bond to recover your assets should they be misappropriated. The Guardian must file an Inventory of the extent of your assets with the Court. The Guardian must request permission to use your assets for your benefit before using those assets. Additionally, the Guardian must file an Account of the income and expenditures of your assets with the Court on an annual basis.
The most common use of Guardianship is when you have not planned ahead with the preparation of Powers of Attorney for finances and healthcare. Sometimes a Guardianship is necessary if a disabled minor turns 18 and was never competent to create Powers of Attorney, preventing a parent or another individual from continuing to assist that disabled person. If you are interested in possibly setting up a Guardianship, we are here to answer all of your questions.