Generally, in the event a person is incapable of taking care of himself or herself with respect to financial affairs due to, infancy, mental or physical incapacity, abuse or domestic disputes, a guardianship proceeding or conservatorship may be required.
Upon proof of the foregoing, a court has the power to act on behalf of an adjudged incompetent and will appoint a guardian of the incompetent person’s property, guardian of the incompetent’s person or both.
The guardian appointed fulfills the ward’s needs and protects the ward’s personal well-being and financial interests.
The court also has the power to limit and structure the appointments as circumstances dictate. The court may require that fiduciary bond(s) be posted, which can become very expensive as premiums must be paid annually.