Most people believe that the need for a guardianship exists only for disabled persons. However, there are many reasons guardianship is important for those individuals under the age of eighteen (18), even if one or both of the minor’s parents are still alive. Some of these reasons include:
- To receive an inheritance.
- To receive proceeds from a lawsuit.
- To faciliate the minor’s health insurance coverage, medical treatment, oreducational decisions.
A guardianship proceeding usually consists of the appointment of a guardian, who is responsible for managing the minor’s financial estate in addition to being responsible for the care, control, and custody of the individual. Lesser alternatives are available to a full guardianship, however, which include the appointment of a limited guardian who would only be responsible for the control and care of the minor, but would generally have no control over finances or assets. A conservatorship is another alternative where an individual is appointed to be responsible for managing only the minor’s financial resources.
Our Louisville, Kentucky and southern Indiana estate and probate attorneys can help a person interested in the well-being of a minor or disabled person to petition the District Court (in Kentucky) or the Circuit or Superior Court (in Indiana) and appear in open court at the guardianship hearing. Generally, if the minor is over fourteen (14) years of age, he or she must be present and a determination made about whether the minor consents to the appointment.
The attorneys at Key Law Group can also help a guardian or conservator with the steps required by law to be followed after the initial appointment, which generally include aninventory to be filed with the Court, along with a more detailed accounting depending on the size of the minor’s or ward’s assets.