When it comes to applying for guardianship and/or trusteeship for your aging parent, it is absolutely critical that you understand the differences between these two terms ... each will give you only certain rights. While I am not a lawyer, I can offer the following summarized descriptions:
Guardianship: a legal document allowing a chosen individual the right to make personal decisions for the dependent adult. Guardians can choose what Mom or Dad eats, wears and lives. In addition, guardians determine healthcare choices as well as who Mom or Dad associates with.
Trusteeship: a legal document allowing a chosen individual the right to manage financial affairs for the dependent adult. This will involve making bank deposits and withdrawals, paying the regular bills as well as managing investments and any property (building/land) portfolios.
As you can see, there is a world of difference between being a guardian and being a trustee. Becoming one does not immediately mean that become the other automatically. After being granted the authority as Guardian and/or Trustee, you will need to distribute copies of official court orders to all of those involved with your parent's care and/or life (i.e. doctor, long-term care facility, banker, insurance agent) to keep on file. One person may serve as both a guardian and a trustee or you may split the duties. With sharing the responsibilities with my older sister, I served as Joint Guardian and Alternate Trustee for my father. This arrangement worked quite well, save for the times when my sister was out of town and unavailable. When this occurred, she would have to write me a letter transferring the responsibility to me.
Yes, applying for Guardianship and Trusteeship can be very expensive; however, it is well worth the price to seek out a legal authority. Ask plenty of questions so that you fully understand each role and know what you are getting yourself into. Trust me, you want to get this right.
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