Recently, I was helping a couple with planning. Unfortunately, the husband passed away about two weeks ago. After he died, the family realized that he had one bank account that was in his name alone, with about $3,000 in it. They did not realize this before he passed, otherwise they would have taken care of it.
In New York State there are three different types of guardianships:
- Guardianship under Mental Hygiene Law Article 81: Applicable to an adult who had capacity during their lifetime but has since experienced cognitive and/or functional limitations.
- Surrogate’s Court Procedure Act Article 17 Guardianship: Guardianship of a minor, applies to anybody under the age of 18 without a legal guardian. An Article 17 action assigns guardianship for a child only until they reach the age of majority at 18 years old.
- Surrogate’s Court Procedure Act Article 17A Guardianship: Applies to an adult without requisite mental capacity; adults with developmental disabilities, who are intellectually disabled, or who have a traumatic brain injury.