When an individual can no longer care for themselves or their assets, they may need assistance from the Court in the form of a guardianship. During this process, a family member or qualified individual asks the Court to appoint a guardian. 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 produce 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.
A death in the child’s family may also require the establishment of a guardianship. 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.