Minor guardianships can be over the assets of a minor or over the rights and life of the minor. Guardianships can be created to be temporary or permanent.
Custodial guardianships are set up for a family member or close family friend when the parents have passed away, have been incapacitated, or otherwise can not meet the requirements of caring for a child. In a custodial guardianship, the guardian assumes the rights and obligations of the parent for the duration of the guardianship.
Financial guardianships or conservatorships can be set up such that the money is given over time to the minor for any needs the minor has, as a lump sum when the minor is legally capable of managing his or her estate, or in a general guardianship wherein money can be set up in a college fund or other trust. Attorneys, family members, and custodial guardians often serve as the guardian of the child's financial affairs. This financial guardian can also be called a conservator or trustee, depending on the situation. If you have questions about guardianships, call 770-461-2025 to set up a consultation with one of our family law attorneys.