Court Appointed Guardian To Manage Your Affairs

Advantages

A guardianship can provide for the management of your assets if there is no one you can entrust with a power of attorney.

• A guardian is subject to court supervision.
• Guardians must have court approval to perform certain actions such as selling property.
• A court-appointed guardian is subject to more limitations than an attorney-in-fact is under a Durable Power Of Attorney.

• Guardians normally must file accountings annually with the court.

Disadvantages

Some of the downsides to having a guardian are:

• Loss of individual rights: Among other rights, you may lose the right to marry, vote, hold a driver's license, make a Will, or enter a contract.
• Cost: Guardianships can be very costly. The cost of the guardian's services, annual accountings, and all court fees will be paid from your assets.
• Public court proceedings: Court proceedings and documents involved in a guardianship are part of the public record. For many people, the exposure of personal records in court is embarrassing. For the incapacitated person's relatives and friends, the court proceedings can be emotionally trying as well.

• Inflexibility: The guardian's ability to manage your estate is generally not very flexible because of court supervision and the fear of being sued about the outcome of a decision.

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