When an individual can no longer care for themselves or their assets.
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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