Can a guardianship be used for financial planning?

Yes, a guardianship can be used for financial planning in Alaska. When an adult is declared legally incompetent due to mental illness, mental retardation, dementia, stroke or drug and alcohol abuse, a court may appoint a guardian to take care of their financial affairs. This includes establishing bank accounts and investing money in stocks, bonds and other investments. The guardian is responsible for administering the person’s estate and making sure their money is used only to benefit the ward. In some cases, the guardian may be granted the power to enter into contracts, obtain loans and receive income on behalf of the ward. This means the guardian may be able to set up a trust to manage the ward’s finances and ensure that the financial needs of the ward are met. This is especially helpful for those who are unable to make sound financial decisions on their own. In Alaska, a guardianship can also be used for long-term financial planning. The guardian may be given the responsibility of setting up a plan to manage and protect the ward’s assets over the long-term. This could include investing in stocks, setting up retirement accounts, or other financial planning services. In sum, a guardianship can be used for financial planning in Alaska, allowing the guardian to manage the ward’s finances and ensure their money is used in the best possible way to benefit the ward.

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Can a guardianship be used for financial planning?

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