financial, and/or medical decisions for another person. However, there are important differences. An individual can choose to whom they give power of attorney and under what circumstances, while a guardian is court-appointed and the individual may not have any say over the guardianship. ...
Generally speaking, elder law has a broader focus than estate planning. “Estate planning is primarily thinking about where your estate goes when you’re gone. Elder law is broader, encompassing many issues of the special needs community as well as the elderly community,” such as your options...
The rule can also be applied to an individual who has been granted stewardship or guardianship of an estate on behalf of another person or people. For example, a pension fund manager hired to run a fund in behalf of the employees of a company is required to make investments that have a ...
An estate plan is a series of legal documents outlining how you want your affairs managed after you pass away. An estate plan may address questions and concerns regarding matters like: Guardianship, or who will care for your minor children or special needs dependents if you pass away. Heirs...
A conservatorship is a way for someone to assume legal guardianship over an adult. Families often use conservatorshipsto help deal with the mounting medical, financial and mental health needs of a parent. The status of a conservatorship is dependent on the capacity of the individual to make decis...
Another type of guardianship covers financial management for a person who is deemed incompetent. If a person is not mentally or physically able to manage his or her finances, a guardian might be appointed by the probate court to take over. This commonly happens when dementia, brain injuries or...
These decisions can be purely medical, but they can also involve real estate, finances, and any other life decisions. What is right for one person may be wrong for another. Learn more about the medical guardianship definition and gain an understanding of when it’s time to get help for you...
Estate planning is a comprehensive process that involves the management and distribution of an individual’s assets during their lifetime and after their death. It encompasses a variety of legal and financial tools to ensure the smooth transfer of assets, reduce taxes, and protect the interests of...
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Otherwise, assets are distributed across the family tree, first to siblings, then nieces or nephews, Francis says. Wills are critical for parents of minor children who want to guarantee specific guardianship of their kids in case of the parents’ death. Without a will, family members can ...