Planning for the future can be a complex and difficult process, especially because you cannot predict the types of care your family and loved ones may need in the future. You want to create an estate plan that suits your needs and benefits those you will someday leave behind, which may mean creating either guardianship or a conservatorship. These are two estate planning tools that could bring added benefit to your existing plans and give you peace of mind for the future.
One of the most important priorities that you have for the future is ensuring your loved ones have what they need, even if you are no longer around. Through either a guardianship or conservatorship, you may be able to provide security, financial provision and personal care. An assessment of your estate planning needs will provide insight into how you can create the most practical and beneficial estate plan for your individual situation.
The role of guardians and conservators
Guardianships and conservatorships are typically established with the intent of caring for someone who cannot do so for himself or herself due to age, medical needs and other reasons. If you have minor children or care for someone who is unable to care for himself or herself, knowing the differences between these two things may be important for your estate plan. They include:
- Guardianship — This involves control over the everyday decisions of someone else, specifically a ward, who is a minor. A guardianship will remain in place until the ward reaches the age of 18.
- Conservatorship — With a conservatorship, the conservator will have financial control over an adult who is unable to make decisions on his or her own behalf. A conservatorship will remain in place until a judge lifts it.
The intent of guardianship is to provide minor children with support and care in the event the parents are unable to provide this. Conservatorships are a way for Florida families to support and care for loved ones and ensure their financial well-being.
Additions to your estate plan
If you believe that you need to establish a conservatorship or guardianship, you will benefit from speaking with a knowledgeable professional about your legal options. An assessment of your goals and needs can provide you with insight regarding the steps you can take to ensure the care of your loved ones, even after you pass away.