Question: What happens in a guardianship or conservatorship?
Answer: The formal requirements for the appointment of a guardian or conservator will vary among the states, but generally speaking, the process is handled by a probate court or circuit court. In many situations, the court will appoint a close relative, but there is no guarantee that the person appointed is someone who the incapacitated person would have chosen if they could voice their opinion.
Once a guardian has been appointed, the court authorizes and supervises the decisions of the decision-maker on behalf of the incapacitated person. The person acting as guardian will often employ the services of an attorney to file court documents to enable the guardian to sell assets, expend funds for the beneficiary’s needs and file accountings with the court.
Since legal and accounting fees are typically paid from the guardian account (i.e., assets), there is obviously a cost. If it can be avoided, this is generally a good idea.
Comment: An unplanned disability will most certainly involve costs, time, and other frustrations for the family. It is a good idea to plan for this contingency.
As always, if you have any questions or would like to learn more, please contact Steve Shane at firstname.lastname@example.org or .
ABOUT STEVE SHANE
Steve Shane provides strategic counseling to clients in need of estate administration, charitable giving and business continuity planning while minimizing estate, gift, and generation-skipping transfer tax exposure. He offers legal guidance to clients on asset protection and the proper disposition of assets in accordance with the client’s objectives, while employing tax planning techniques such as the use of irrevocable trusts, life insurance planning, lifetime gifts, and charitable trust. He is also experienced with drafting documents for business planning, the incorporation and application for exemption for Private Foundations and the administration of decedents’ estates.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing full-service law firms in the United States. With 14 offices in seven states, and the District of Columbia, and growing by 50% in two years through expansions in New York City and Charlotte, North Carolina, Offit Kurman is well-positioned to meet the legal needs of dynamic businesses and the individuals who own and operate them. For over 30 years, we’ve represented privately held companies and families of wealth throughout their business life cycles.
Whatever and wherever your industry, Offit Kurman is the better way to protect your business, preserve your family’s wealth, and resolve your most challenging legal conflicts. At Offit Kurman, we distinguish ourselves by the quality and breadth of our legal services—as well as our unique operational structure, which encourages a culture of collaboration and entrepreneurialism. The same approach that makes our firm attractive to legal practitioners also gives clients access to experienced counsel in every area of the law.
Find out why Offit Kurman is The Better Way to protect your business, your assets and your family by connecting via our Blog, Facebook, Twitter, Instagram, YouTube, and LinkedIn pages. You can also sign up to receive LawMatters, Offit Kurman’s monthly newsletter covering a diverse selection of legal and corporate thought leadership content.
DELAWARE | MARYLAND | NEW JERSEY | NEW YORK | NORTH CAROLINA | PENNSYLVANIA | VIRGINIA | WASHINGTON, DC