Family law attorneys specialize in areas of the law dealing with family relations, including divorce, child custody, adoption, and guardianship and conservatorship. When a parent passes away or becomes incapacitated without a care plan for their minor, a court will appoint a guardian. This is because a child is not legally empowered to make legal decisions. Here’s a brief guide that outlines the differences between guardians and conservators for minors.

Guardianship

A minor needs an adult to tend to their personal and financial needs. They may become a ward of the court if a parent dies unexpectedly without assigning a guardian in an estate plan. A court then names a guardian—a guardian of the person—to oversee the child’s living arrangements.

The guardian takes custody of the child and makes all nonfinancial decisions for them, such as where they live and how their health care is handled. Guardians also have the authority to pay bills to cover day-to-day living expenses. In this regard, the roles of a guardian  or the person and the guardian of the estate/conservator—the court-appointed protector of a minor’s finances—overlap.

Conservatorship (IA) – 

Guardian of the Estate (IL) 

When no powers of attorney have been designated in an estate plan, a court appoints a conservator to manage finances for a minor until they reach 18 or 21 years of age. One person may fill both roles of guardian and conservator, and a court may give a guardian or conservator full or partial decision-making authority. For example, a court may task a conservator with overseeing an investment portfolio but not the management of an inherited business. Not all minors need a conservator independent of their appointed guardian, especially if the financial assets of the estate left behind are modest.

A Conservator / Guardian of the Estate has the authority to open bank accounts, make investments, and pay for the minor’s care and comfort. They’re also responsible for the safety and security of real estate holdings and responding to legal matters. In addition, the law requires conservators to file yearly financial statements with the court regarding income earned, assets acquired or sold, and taxes paid.

The family law attorneys of Pepping, Balk, Kincaid & Olson of Silvis, IL, help families navigate the challenges of guardianship and conservatorship over minors and adults. They’ll explain the court processes involved and duties in being a guardian of the estate or a minor. Visit them online for an overview of their family law practice areas and to meet their family law attorneys. Call (309) 755-5096 to schedule a consultation.