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When an individual can no longer care for themselves or their assets, they may need legal protection in the form of a guardianship. During this process, a family member or qualified individual petitions the Court to appoint a guardian, which can be the person filing the petition or a neutral guardian, depending on the circumstances. Once the court establishes the guardianship, the person and/or property of the incapacitated individual, (known as a “ward”), is protected and under the watchful eye and jurisdiction of the court.
Certain life events may trigger income for a minor. If a child will be receiving funds in his or her own name greater than $15,000.00 a guardianship may be necessary to administer the funds belonging to the minor until such time they reach majority.
As a financial event may trigger a guardianship for a minor, so may a death in the child’s family. When one or both parent passes or is unavailable to care for the child, a guardianship may need to be established for the benefit of the child.
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