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Why Should I Include Guardianship in my Estate Plan?

Why Should I Include Guardianship in my Estate Plan?

Life is unpredictable and no one can ever know what may be around the corner in their life. It is because of this that it is always important to have a plan for unexpected circumstances. This can include appointing an individual to take care of you or a loved one if a situation arises where it may be needed. There are many ways this can be done, one of which includes guardianship. If you wish to create an estate plan and appoint a guardian within it, contact an experienced New York estate planning attorney today for assistance.

What is Guardianship?

A guardian is an individual who is chosen to make important decisions for another party who is unable to do so themselves. There are different reasons as to why this may be needed. In the state of New York, there are different types of guardianship that can be stated in a will. When dealing with these matters, it is important to understand the purpose of each one. Guardianship may be appointed for the following:

  • Person: There are different ways guardianship may be needed for a person. In the event that a parent dies, leaves the country, or becomes too sick to take care of a child, this type of guardianship may be needed for minors. In the event of this, a judge in Surrogate’s Court can approve and the individual named in the estate plan can become the child’s legal guardian. This allows them to make decisions for the child such as healthcare, education, welfare, etc. Alternatively, an elderly individual may need a guardian to take care of them if they are unable to take care of themselves.
  • Property: An individual that is named guardian for property must take care of any decisions relating to the other person’s money, investments, and savings. In addition to this, they must file an annual report about the properties. 
  • Person and property: This guardian is named in order to be responsible and make decisions for both another person’s life and their property.
  • Ad litem: This individual is appointed by a judge in order to act in place of another during a court case if they are unable to defend their own rights and best interests.

How Do I Choose a Guardian?

Guardians exist to take care of people or property that are meaningful to you. It is because of this that it is important to choose a trusted individual that you believe will act properly on your behalf. This individual should be mentally stable to make decisions for you and not take advantage of your situation or estate plan.

Contact our Firm

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

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