When Does a Guardianship in Lake County IL Become Necessary?

by | Apr 22, 2014 | Estate Planning

The establishment of a guardianship in Lake County IL is not something that is done lightly. Before this type of serious step is taken, it is necessary to conduct a careful review of the situation. Doing so will make it much more likely that the court will approve the petition, and the person who is placed under the care of a guardian is provided with the right type of protection.

Caring for an Elderly Parent
One of the more common reasons for establishing a guardianship is when an elderly parent is no longer capable of managing his or her financial affairs. Since someone must make decisions about the use of assets, the settling of debts, and making sure the parent receives proper care, a child may be named as the guardian. This status provides much more authority than a power of attorney, since the guardian has the ability to make all sorts of decisions that relate to the well being of the parent rather than just on specific issues. In order to be named a guardian, the child must meet the standards set by the court and demonstrate that he or she fully intends to utilize the guardianship to benefit and protect the parent.

The Guardianship of an Estate
Not all types of guardianship in Lake County IL have to do with the care of an elderly parent. When a wealthy relative chooses to leave a significant amount of assets to the minor child, the parent may seek to be awarded control of those assets until the child reaches his or her age of majority. This arrangement means that all the assets included in that estate are managed by the adult and not the child. The idea is that a responsible adult can manage and grow those assets while the child is reaching adulthood, and may even use them to benefit the child during those years. Once the child is of legal age, the guardianship is no longer needed, and he or she can take possession of the estate.

Charles T. Newland and Associates can help anyone who believes that some sort of guardianship is in the best interests of a loved one. By providing details about the circumstances relevant to the person who needs help, it’s easier to determine if guardianship is the best approach, or if some other legal approach would be best.

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