Establishing a guardianship is an effective means for protecting the financial and legal interests of an elderly family member or minor who cannot manage their own affairs. Typically, the court will appoint medical experts to evaluate the mental and physical condition of the ward. Afterwards, a recommendation is made indicating the degree to which the person in question is able to manage their own affairs.
Contrary to what most people think, however, a guardianship does not remove all of person's rights. Depending on the situation, some rights may be transferred to the guardian while others will be retained by the ward. Once a guardian is appointed, he or she has a fiduciary responsibility to the ward. As such, he or she can be held accountable for financial mismanagement and other wrongdoing that adversely impacts ward themselves.
Nevada Guardianship Attorney
At Huggins Law Office, we represent clients interested in establishing a guardianship. And, since a guardian acts as a fiduciary, there are tax and accounting responsibilities that must be taken into account. Our office explains these responsibilities and is prepared to offer assistance. To schedule an appointment and learn more about how we can help you, contact Huggins Law Office today.
Protecting Elderly Family Members
In the case of elderly parents or family members suffering from Alzheimer's or dementia, establishing a guardianship ensures they won't be taken advantage of by unscrupulous heath care providers, neighbors, or family members. Even in cases where illness or disease is not a concern, an elderly parent can still retain certain financial and legal rights in regard to the transfer of a home title, banking privileges, and other matters. As your attorney, Shawn Huggins can discuss the options available for both you and your parent or family member to ensure everyone understands what is involved and is agreeable to it.
Guardianships and Minors - Financial Issues, Custody, and Trusts
If you have an estate plan that includes a will, you can provide instructions regarding the guardianship of your children. This means your will should contain instructions regarding the following:
- Who you would prefer to have physical custody of your child until he or she reaches the age of adulthood if their other natural parent is unavailable for any reason.
- Who you wish - and on what terms - to have custody of your child's money, as well as inheritance you leave for the child.
- Other issues can be addressed as well. For instance, instructions can be included regarding contact with extended family members, religious upbringing, cultural affiliations, and similar things that, although subject to the guardian(ship), can help you promote an environment and set of values important to your child's development.
Other Issues Related to Guardianships
While not always considered, it may be appropriate to separate the roles of child custody from property custody as a system of checks and balances. Part of this decision may involve the creation of a trust for the child's money. This way, assets are secured in the hands of a trustee rather than the guardian assigned physical custody. In doing so, the financial security and support of a child is subject to greater scrutiny and oversight, especially when a corporate trustee is used.
Contact Guardianship Attorney Shawn Huggins Today
If you need additional information regarding guardianships and would like to learn more about how we can help you, contact guardianship lawyer Shawn Huggins today.