CFP

Fiduciaries - Guardian

Guardian
A guardian, also called a conservator, is someone who has the legal right to care for another person (generally referred to as an incapacitated person). An incapacitated person is a) a minor, or b) an individual who, because of mental or physical impairments, is unable to provide for food, clothing or shelter for themselves.
An example of when you might need a guardianship is in the event both parents of a minor child die and no person is named as a legal guardian. In this case, a judge is responsible for determining who is best fit to look after the child. As most people who go through the court appointed process find, having a guardian appointed by a court can be a cumbersome and costly process. In addition, court-appointed guardianships can cause disagreement among family members. Because some see a court-appointed guardianship as something that should be avoided, many individuals choose to plan in advance by planning for incapacity.




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