What is the difference between a guardianship and a trust?

A guardianship and a trust are both legal terms used to describe arrangements that involve caring for another person or managing their property. However, there are some key differences between the two. A guardianship is a legal relationship that is established when a court appoints someone to care for a minor child, or for an adult who is unable to care for themselves due to physical or mental impairment. A guardian is legally responsible for the safety and well-being of the person or property they are assigned to oversee. In Alaska, guardians possess both legal and physical custody and are accountable to the court for their decisions and actions. Trusts, on the other hand, are legal arrangements that involve transferring property from one person to another. This property is managed according to the instructions of a third party, known as the trustee. Trusts are often established to protect individuals and their assets from creditors and other creditors. In Alaska, a trust is typically created by a document called a trust agreement that outlines the trustee’s duties and responsibilities. In conclusion, the main difference between guardianship and trusts is the purpose for which they are used. Guardianship is a legal relationship that is set up to care for minors or adults who are unable to care for themselves. Trusts, on the other hand, are used to transfer property and manage it according to the instructions of a third party.

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What is the difference between a guardianship and a trust?

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