What is the difference between a guardianship and a trust?

The primary difference between a guardianship and a trust is who is in charge of managing the property or assets of a person. In Kansas, a guardianship grants a person, called the guardian, the authority to make decisions and take action on behalf of a person, called the ward, who is not able to do so for himself or herself. The guardian takes over the decisions on behalf of the ward, including decisions about the ward’s property, finances, and healthcare. A trust is an arrangement where a person, called the settler, transfers legal ownership of his/her property or assets to a person, called the trustee, for the benefit of the settler, or of another person, called the beneficiary. The settler will designate how the trustee can use the assets in the trust for the benefit of the beneficiary. The beneficiary does not have any authority or control over the trust property. The trustee is solely responsible for managing the trust property. In Kansas, guardians and trustees have different roles, for different purposes. A guardianship is for managing the affairs and property of someone who is not able to do so for him or herself, while a trust is for managing property for the benefit of a person or persons designated by the settler.

Related FAQs

What is a temporary guardianship?
What is a legal guardian?
Can a guardian be sued?
What is the purpose of guardianship?
Are there tax implications for a guardianship?
What is the process for transferring guardianship?
Can a minor consent to a guardianship?
Can a guardian be held liable for the actions of the ward?
What is a court-appointed guardian?
What is the difference between a guardian and a custodian?

What is the difference between a guardianship and a trust?

Related FAQs

Related Blog Posts