When is a Guardianship Appropriate?
There are many situations in which a Guardian for Property will be required. Although a Guardianship is technically a trust, we highlight it separately due to its uniqueness. Legacy Private Trust only accepts appointments as Guardian for Property since it is more appropriate to appoint a family member or friend as Guardian for Personal Care & Health. It is common practice to appoint a Guardian for Personal Care & Health and a Guardian for Property separately to avoid conflicts of interest.
In the case of children, a common situation is when a child receives a settlement or the proceeds of a judgment in a lawsuit. This could be as the result of an automobile or other accident or as a result of a negligently performed medical procedure. As a parent it is prudent to appoint a Guardian for Personal Care & Health and a Guardian for Property as a fundamental safeguard.
In the case of an adult, the situation may be that a person cannot manage his or her own financial affairs. This may arise due to mental incapacity, old age or mental illness.
How Can Legacy Private Trust Help?
One key aspect in any Guardianship matter is the careful consideration of who is to be named the Guardian of Property for a child or for an adult who is unable to manage property. At Legacy Private Trust we can act as Guardian for Property, as co-Guardian for Property or as Agent for someone who has been appointed Guardian for Property. In all cases we ensure that the assets are managed properly and administered professionally throughout the Guardianship using a management plan. We also ensure that we work collectively with the Guardian for Personal Care & Health.