Guardianship is a crucial component of estate planning that provides legal protection for individuals who cannot make decisions for themselves. It grants someone the authority to care for and make decisions on behalf of another person, known as the ward.
Guardianships typically protect minor children, incapacitated adults or elderly individuals with diminished mental capacity. A guardianship as part of an estate plan ensures your loved one receives proper care if you cannot provide it yourself.
Guardianship of a child vs. an adult
Guardianships serve different purposes, depending on the age of the ward. For instance, parents typically name a guardian in their will to care for their children or dependent vulnerable adults.
Here are some benefits of having a guardianship in place:
For a child:
- Provides stability and care when parents are unable
- Ensures decisions about education and health are made responsibly
- Manages any inherited assets until the child reaches adulthood
For an adult:
- Assists with medical and personal care decisions
- Ensures financial matters are handled appropriately
- Provides support for individuals who cannot manage daily tasks
When considering guardianship, it is essential to tailor the arrangement to the specific needs of the child or adult involved.
How do guardianships differ from conservatorships?
In New Jersey, conservatorships are similar to guardianships but primarily deal with financial matters. While guardianships often involve personal and medical decisions, conservatorships typically focus on managing assets and finances. Here are some distinctions between the two:
Guardianship:
- Appropriate for minors or adults unable to make personal decisions
- Covers medical, personal and sometimes financial matters
Example: A guardian might decide on medical treatment for an incapacitated adult.
Conservatorship:
- Primarily for adults needing help with finances
- Manages assets and financial decisions
Example: A conservator may pay bills for an older adult with memory loss.
In New Jersey, establishing a guardianship or conservatorship involves court approval. Guardians must demonstrate the need for such an arrangement and may need to provide medical documentation. Conservatorships can sometimes be voluntary if the individual consents.
Setting up a guardianship or conservatorship as part of an estate plan is a significant decision. It’s important to seek skilled legal advice to ensure your loved ones are protected and their needs are met effectively.