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In the Republic of Korea (South Korea) a Conservatorship is called a Guardianship. Types of Guardians under Korean Guardianship Law. Adult guardian (성년후견인): If an adult chronically lacks the mental competence to manage their own matters due to illness, disability, old age, or other conditions, a Korean court may appoint an adult guardian.
Conservatorship vs. guardianship. The primary difference is that guardianships are commonly associated with legal responsibility for a minor, whereas conservatorships usually pertain to adults who ...
Caring for aging parents or for special needs children or other relatives can add new dimensions to your estate plan. There are various legal and financial issues that may need to be untangled and ...
In other situations, the personal representative may be a guardian or trustee, or other position. As a fiduciary, a personal representative has the duties of loyalty, candor or honesty, and good faith. In the United States, punctilio of honor, or the highest standard of honor, is the level of scrupulousness that a fiduciary must abide by. [2]
A guardian with responsibility for both the personal well-being and the financial interests of the ward is a general guardian. A person may also be appointed as a special guardian, having limited powers over the interests of the ward. A special guardian may, for example, be given the legal right to determine the disposition of the ward's ...
A successor trustee is named in the event of the creator’s inability to continue managing their affairs. This prevents a court from appointing a conservator to manage the creator’s affairs. Pros
A trust company can be named as an executor or personal representative in a last will and testament.The responsibilities of an executor in settling the estate of a deceased person include collecting debts, settling claims for debt and taxes, accounting for assets to the courts and distributing wealth to beneficiaries.
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