Financial guardianship refers to the appointment of a chosen individual to take financial actions on someone else’s behalf. Financial guardianship may be necessary when the individual in question is no longer able to handle their finances on their own and no documents like a power of attorney are in place to direct who should be appointed in these critical roles.
If you’re worried about a loved one in Virginia who may no longer be able to make key decisions for themselves or manage their finances overall, you might share these concerns with an estate planning attorney first to better understand the process in VA.
Courts are most likely to appoint a financial guardian when it is shown that a person cannot handle their finances on their own. This includes things, such as:
- Individuals with disabilities or diseases that prevent them from understanding their money, such as dementia which can decrease someone’s executive functioning faculties.
- People who are exposed to a high level of vulnerability for financial exploitation. A loved one can even choose to petition the court to become a loved one’s guardian after an incident of elder fraud has already happened.
- Individuals who frequently forget to pay bills and suffer the financial consequences may need assistance with tracking these important dates and handling their money.
- When a person has significant financial assets but is unable to handle them effectively, the court is more likely to order a financial guardian.
You may be able to proactively name someone to serve in the role of financial power of attorney agent by working with an experienced estate planning lawyer in Virginia Beach. Contact an estate planning attorney today to get started.