If you are named a legal guardian, you will be responsible for the well-being of another person (legally referred to as a ward). Whether the ward is a minor or an incapacitated adult who is incapable of handling their own affairs, caring for this individual can be costly. Think about the bills you incur each month for yourself and your own family:
- Cell phone
The ward will require all of these same types of support. If the ward has sufficient assets, a conservatorship may also we required to manage the ward’s finances. Legal guardians are entitled to receive reasonable compensation to help cover the costs of caring for another human being. However, sometimes family members who take on this responsibility often do not request compensation. Guardianship compensation in Colorado varies from circumstance to circumstance. In some cases, the ward will continue to collect income – from their own profession, from their parents’ income, from interest from assets, etc.
If your management of the ward’s care is taking you away from your ability to earn a living for yourself, it is possible to petition the courts for compensation. You will need to establish the basis for the compensation and provide any information which the court requests regarding your compensation. The court will make a determination regarding the amount of your compensation.
Guardianship lawyers can help direct you toward resources to obtain financial support for this important role. In Denver, the team of Brown & Crona, LLC have helped hundreds of families understand their rights and responsibilities surrounding guardianship. They can also help you fill out Colorado guardianship forms for your unique situation. To learn more about estate planning and guardianship in Denver, contact Brown & Crona, LLC to arrange an appointment: (303) 339-3750 or visit our website.