No one plans on dying before their children reach legal age, but we never know what the future holds. Additionally, for those who are caring for an incapacitated person, this incapacitated person may always require another person's care, as they are unable to perform such duties themselves.
Electing a guardian for children or a disabled individual can ensure that the person you trust the most to care for your loved ones is chosen by the court during probate. It is not guaranteed, but if the person you elect is qualified and willing to accept guardianship of a minor, they may be elected by the court.
If you do not elect a person as a guardian for your child or file a petition to determine incapacity, the court may choose someone to raise your kids or look after the incapacitated person.
You want to elect a guardian who will be financially capable and willing to raise your children if you and your spouse should pass away unexpectedly. Electing someone for guardianship of a person means the person will have the same responsibilities and duties as the parents had before their death. This guardian will have full legal and physical custody of the child and is responsible for the child's clothing, safety, medical care, and education.
When a person is elected guardian of an estate, they are in charge of managing the child's money or property until the child reaches legal age or if determined differently by trust documents or the court. If a child inherits money or property from a deceased loved one, the parent or legal custodian will usually be elected the guardian of the estate by the court. If a minor child's parents pass away, an estate guardian will be elected by the court, and the guardian is responsible for the money and/or property left for the child. This estate guardian has fiduciary duties they must uphold and adhere to including the management and protection of the property, management of money, and they
must take care of the child to the best of their ability.