In our last post we started talking about guardianships and the various reasons an individual may need to seek one. For those that are elderly and wanting to select a guardian as part of their overall estate plan, there are some things to consider when making that decision.
First off, it’s important to ask whether or not that individual has been able to manage his or her own personal finances and issues in a responsible manner. If they haven’t, it might be an indicator that they cannot manage your issues well.
You should also ask whether or not the individual has been convicted of any crimes and whether that individual has a reputation of having integrity, honesty and timeliness. It’s also good to make sure that the individual has some kind of experiencing in handling financial matters, especially if you have complicated assets that need to be taken care of once the guardian takes over the responsibilities.
The candidate should also be in good health and not disabled themselves. It may also be good to avoid any individual who has a history of substance abuse. Finally, overall it’s important to consider whether the individual who you are considering is able to be respected by the individuals who will be affected by his or her decisions. There will possibly be third parties that will be involved in the process of taking care of you and the guardian should be able to work with those individuals in order to make sure your needs are met.