Video Summary
What are the pros of guardianship? Guardianship is usually something of last resort. Whenever you set up a guardianship, you ask that the court determine that the person is incompetent, and they take away all their rights. So, it’s a court proceeding. And so, the petition then requests that there be a person appointed as the guardian, which is the person in charge of their money. That’s called the guardian of the property. Also, the person who is charged with taking care of them and their wellbeing and health, and that’s the guardian, the person. So, this is a court proceeding. It’s somewhat expensive, and particularly the IT is supervised even after it’s established. As far as the guardians are concerned, they must file reports with the court at least annually as far as the physical condition of the ward or the person who’s been adjudicated, incompetent file accountings as far as the money and how it’s being spent. Get authorization to spend the money for the ward. So, the pros are pretty much the last resort, and as far as trying to take care of someone who is becoming incompetent and is dissipating their assets, people are taking advantage of them or they’re subject to scams or whatever. So, if you have any questions about guardianship, give me a call at (727) 847-2288.