There are times when an incapacitated person, a Ward, may need either a guardian of the person or a guardian of the estate. There are other times when a Ward may need both. One person may serve in both roles, or the probate court may appoint two different people to serve in those roles.
The words guardianship and conservatorship are often used interchangeably, but they have different meanings in the State of Texas. The term conservatorship is synonymous with the word custody. It is used in the family law context when a family law court issues an order regarding custody and visitation for a minor child or children. For example, if two people have shared custody of a minor child, they have what is called joint managing conservatorship. An order for conservatorship may carry over after the eighteenth birthday of a child if the child has special needs and will need continued support from his or her parents into adulthood.
If you're a millennial, making an estate plan may not be the first thing on your mind. For one thing, you may have more student loans than any sort of estate to speak of. You may also be busy establishing yourself in a career, buying a first home or starting a family. But despite having other more immediate preoccupations, it's important not to neglect creating an estate plan. You needn't be a certain age to have an estate plan, nor do you have to have a certain amount of money. For the reasons outlined below, having an estate plan is important for everybody, including millennials.
Have you filed your taxes yet? If not, this can be a good time to review your charitable donation strategy and make sure it aligns with your estate planning goals. Without a clear plan for your donations, you could lose out on money that you could have saved while still contributing to nonprofits and causes you believe in. Here are some things to consider as you complete your 2016 tax returns: