There can be different situations of life when an individual is incapacitated. It might be from any disability early in life such as birth or due to any accident. The person with disabilities then is unable to make any decisions. In the legal provisions another person can be appointed as a guardian for taking decisions on PWDs behalf. The appointed guardian can manage the personal as well as financial affairs. The guardian not only assumes the care and protection for the person whom he/she is appointed but also takes all legal decisions on behalf of the person.
A legal guardianship is primarily needed to maintain financial and personal decision on the PWDs behalf. Some of the financial decisions where which will require legal guardian:
- Managing Bank Accounts- Opening a bank account, managing transactions in existing account or any other decision
- Investments- Any investment like mutual funds, small savings accounts, shares, bonds, debentures and any securities in the financial market. Much like a guardian is required for investing in name of a minor, after 18 years of age legal guardian will be required to invest in name of a disabled.
- For Loans or Concessions- There are many concessions which are available from the government like rail or air travel to person with disabilities. Then there are many schemes of loans which are provided at concessional rates to a family with special needs. All these benefits can be availed by a legal guardian in name of special needs dependent.
There will be other situations where the need of legal guardian will arise. After 18 years of age only a legal guardian is allowed to make any financial decisions mentioned above.
For families having a children with special needs legal guardianship is an important aspect of life answering Who after us? Who manages affairs of the child post parents lifetime? Who will male financial documents? Who will become the next caregiver if the child after parents? Who will sign documents on child behalf?
All these questions will arise and need to ne answered today.
If you would like to discuss on Legal Guardianship and understand the legal provision sin India then contact as below –
Email: info@specialneedsestateplanners.com
Mob: 9625133279