There are two types of guardianship:
- Guardianship of a Person
- Guardianship of the Estate
There is a court proceeding in which a judge will nominate a guardian for either the person, the estate, or both (if it is not already determined in an estate plan).
The guardian of a person, usually a child, is responsible for meeting the child’s basic needs. This includes education, medical care, providing food, clothing and shelter, as well as safeguarding the child.
The guardian of an estate will manage the child’s finances until the child is 18 years old. A guardian is usually nominated when a child has inherited a large amount of money or property from a deceased parent.
Moral of the story: Make sure you nominate a guardian in your estate plan otherwise the court will decide for you.
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