Exploring Asset Protection Law
Read this article if you:
- Are considering guardianship.
- Are curious as to the responsibilities of guardianship.
- Want to know the differences between guardianship and a power of attorney.
What Are The Responsibilities Of A Legal Guardian?
Asset protection in New York is often overseen by guardians. There are two types of guardians: those that oversee property and the other the person themself. Guardians are often both of these at once.
As a guardian, you are a fiduciary. Your job is to protect the person who needs a guardian. Whether for a minor child or someone who is incapacitated, you will typically manage their finances. Authorities do not take this role as a joke at all, so it is best to maintain good records. Everything must be accounted for.
Guardians are always closely examined and are required to file an annual report with whatever court they are in. If the person has a lot of assets, you can invest them, but you need to be careful. Investments must be diversified.
You must also spend quality time with them. You make sure that they are comfortable and living a suitable life. If they are a child, that they are getting good morals and going to decent schools.
What Are The Alternatives To Guardianship?
For minor children, there are none. This is because they cannot do powers of attorney to healthcare proxies. For proxies, you have to be at least 18 years old. For anyone whois over 18, power of attorney is an alternative. Doing a power of attorney essentially appoints someone as a quasi-guardian to be able to manage your finances. So as opposed to going to court and spending tens of thousands of dollars, you pay only a grand or two grand and you get a power of attorney. You do not need guardianship in this situation because a power attorney gives someone the authority to manage your finances. The same is true with a healthcare proxy.
Beyond the financial cost guardianship will bring yiu, it will also cost you significant amounts of time. There are usually months’ worth of delays during the process.
With the guidance of a skilled attorney for Asset Protection Law, you can have the peace of mind that comes with knowing that we’ll make it look easy. For more information on Asset Protection in New York, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (516) 888-5381 today.