|Schaffer & Company Wealth Preservation
A "guardian of the estate" is appointed by the probate court after legal counsel files the appropriate petition. There are a number of situations that can result in the final decision to appoint a guardian, such as:
- Minor inheriting significant assets. A small child whose parents die in a common accident, for instance, cannot manage assets he or she has inherited, or carry on day-to-day financial matters. In this case, a legally appointed guardian, under close supervision by the court, is responsible for ongoing financial management.
- A child receiving proceeds resulting from a personal injury lawsuit or the wrongful death of a parent or other family member. In this case, appointment of a guardian occurs once a settlement has been reached.
In situations involving a minor, the guardian is responsible for the financial management of the estate until the child reaches legal age. A guardian also can be appointed in the case of an adult who is adjudged physically or emotionally unable to handle financial affairs. In this instance, the term of the guardianship can last for many years - in some cases until the death of the individual under care.
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