When it comes to long-term financial planning, the subject of guardianship is something that must be considered. Consider, for a moment, what could happen if you suddenly became ill with dementia or Alzheimers and could no longer make responsible, rational decisions regarding your savings and portfolio. If you began to give away the farm, so to speak, what might happen to your wife or partner or your children? The idea of guardianship, while scary, is something that everyone must think about. Of course, the chances of you needing guardianship are slim to practically none, but that being said, issues do come up that make it a potentially viable solution.
Guardianship is a situation in which one loses part or even all of their rights when it comes to managing their assets or property. According to the National Guardianship Association, guardianship is defined as “A legal process, utilized when a person can no longer make or communicate safe or sound decisions about his/her person and/or property or has become susceptible to fraud or undue influence.”
Put simply, guardianship is when a person loses many or all of their rights to make decisions on their own behalf. The decisions are then made by the guardian, who is entrusted to act in the best interests of the person whom they are a guardian for. Due to the fact that guardianship may involve someone losing considerable rights, it is a maneuver that should only be considered when all other alternatives have been explored or failed.
The decision to appoint a guardian is not to be taken lightly. A guardianship can affect many rights of the individual or individuals for whom the guardianship is being established. These rights may include but are not limited to:
-Medical treatment consent
-Where to live or maintain a residence
-Possessing a driver’s license
-Contrat or file lawsuits
-Own or possess a firearm
-Vote
-Marry
-Make the end of life decisions
While this list is not exhaustive, it does show you the major effects that guardianship can have on someone’s life. It is critical, therefore, to explore all other possible options before making a move towards guardianship.
The decision to explore guardianship is never easy to arrive at. It is highly recommended, therefore, that you take the time to thoroughly explore all of your options beforehand. Speaking to someone familiar with guardianships and other viable alternatives may shed some much-needed light on the situation and assist you in making the best choice for you and your loved ones. You can speak with a long-term financial planner, such as Daily Mills Estate Planning, to learn more about the process and how it may work. The sooner you come up with a plan, the better. Explore your options today. Call our Mooresville Guardianship Attorneys or visit us online at Daily Mills Estate Planning to learn more and have your questions answered.
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