When you're creating an estate plan, one thing you need to learn about is guardianship and conservatorships. Guardianship is also known as conservatorship in some states, and it refers to the court appointing someone to take care of the legal rights of a mentally incapacitated person. This person becomes known as the "ward" of the conservator or guardian.
Many people believe that estate planning only benefits old, rich people. However, this is a common misconception. Most people, regardless of age or net worth, can benefit from creating a personalized estate plan.
Long-term care planning should be a part of every person's estate plan. It's difficult to plan for your death and impairment, though, especially when you're young. You don't know what to expect, and you can't know how much it will cost.