Understandably, people tend to avoid talking about the possibility of not being able to make their own decisions. When a plan for mental incapacity isn't in place, though, you run the risk of leaving to chance the control of your health and your property.
When a person cannot comprehend the pertinent information or appreciate the potential effects of a financial decision that he or she makes, a guardian of property may be appointed to manage the person's financial affairs. There are multiple scenarios in which such a guardian may be appointed.
An individual who becomes a guardian of property on behalf of a person who is deemed to be incapable may have questions about responsibilities. An individual who is unable to handle daily tasks such as paying bills, buying food and making other financial transactions may need a guardian to manage these issues on his or her behalf. A guardian assists in protecting the interests of the person whose property is being managed, but the guardian also protects the interests of those on the other ends of those financial transactions by ensuring that obligations are met.