Legal definition of guardianship
Living Trusts Legal Terminology

guardianship

1
A Court-ordered relationship between a person (called a Guardian) who has been appointed to care for the financial (Guardian of the Estate) and/or legal (Guardian of the Person) matters of another, usually either an infant or a disabled person.
The guardianship may be permanent or temporary.

If a guardian was appointed for an incapacitated person, and such person recovers in whole or in part from the condition that caused him or her to be incapacitated, a petition can be filed with the court to restore the ward’s rights. In such a case the court will have the ward reexamined and can restore the ward's rights
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Los Angeles TimesDear Liz: You mentioned recently that there are no tax advantages if your assets are held in a living trust. Aren't you forgetting the tax exemption feature that allows an exemption of $5.49 million for each person? Hence a married couple can exclude ... more »
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