Why Every Parent Should Establish A Guardianship Within Their Estate Plan
Cleveland, Ohio estate planning lawyer, Daniel A. Baron, offers information on why every parent should establish a guardianship for their minor children within their estate plan:
When is a guardianship necessary?
It is customary for the parents of minor children to make any and all legal decisions that are necessary to keep their children safe. There may come a time however, when the minor children need a guardianship established.
Some of the reasons in which a guardianship needs to be established are but not limited to:
- The parent or parents are deceased
- A minor inherits assets and the parent or parents are not qualified to make legal decisions
- The parent or parents are not or cannot take care of the minor child any longer due to illness
- The parent or parents cannot take care of the minor child any longer due to incarceration
What is role and responsibilities of the guardian?
- Has the right to deny certain persons to come in contact with minor child or restrict the interaction with certain persons
- Become the minors fiduciary by keeping inventory and control of all assets
- Investing minors child’s assets
- Pay the minor child’s bills
- File income taxes annually
- Decide where the minor child shall live
In some cases if you are a guardian you may need to get permission from the courts to carry out these duties.
In addition to overseeing the over-all wellbeing of the minor child and the estate, the guardian also has the following duties:
- If necessary, bring a lawsuit on behalf of the minor child
- If public assistance benefits are required, apply for them
- Apply for public housing where needed for the minor child
- Provide a legal residence for the minor child so that the minor child attends school and receives a quality education
- Receive and maintain any funds given to support and care of the minor child
- Authorize any care such as medical or other care necessary to insure the wellbeing and support of the minor child
Essentially the guardian looks after the minor child just as the parent or parents would have.
For more information on setting up guardianships for your minor children or your minor or adult child with special needs, contact Daniel A. Baron of Baron Law today at 216-573-3723.
