No one wants to think that one day they’ll have to leave people they love behind. After all, it isn’t a pleasant thought, leaving anyone—let alone children who may or may not be old enough to understand what’s happening. We want to ensure that our children (or grandchildren) will be well taken care of, even if we ourselves won’t be there to see it through, and we can do that through what’s called a guardianship. We’ve covered it previously, but let me explain a bit further now.
There are a few ways in which a guardian can be named: either through a will or by the Surrogate Court. However, designation via Surrogate Court normally only takes place if a minor receives some kind of inheritance or proceeds from a lawsuit. In this case, any monies normally deposited in the County Surrogate’s Office Intermingled Minor Account will then be held until the child or children reach eighteen years of age.
There’s also a third option available. With this option, a guardian is also able to post a bond and invest any and all monies on behalf of the minor child or children. What’s more—if the minor is left any real property that the guardian wishes to sell, he or she must first get the court’s permission to do so.
If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.