Financial Solutions

Financial Solutions

Financial Solutions

Financial Solutions

Sep 13, 2018

How Guardianships
Can Help Protect Loved Ones

When loved ones are unable to attend to the affairs of their estate, a guardianship provides the care, management, and advocacy your family needs.

Wintrust Wealth Management’s Trust group—The Chicago Trust Company, N.A.—offers guardianship services for those who are required to have a corporate fiduciary act as guardian of the estate.

The guardian of the person provides the day to day care of the minor or disabled adult ward and the guardian of the estate is responsible for financial matters. The same person can serve in both capacities, but the court may decide that it is more appropriate to use the services of a corporate fiduciary or estate guardian

The Probate Court may appoint a corporate fiduciary as guardian of the estate in order to protect and preserve a ward’s assets. Examples include:

  • Minors or disabled adults receiving proceeds from a personal injury or wrongful death lawsuit
  • Minors receiving an inheritance as a result of the untimely death of parents
  • Adults adjudicated as unable to handle their financial affairs.


Our Services
We are here to help you work through the issues that arise when managing the affairs of those who cannot do so themselves. Pursuant to the Probate Court’s order and supervision, we may be appointed as guardian of a minor or disabled person’s estate. We offer these services as guardian:

  • Assistance in the initial establishment of guardianship including preparation of inventory for all assets belonging to the disabled adult or minor
  • Evaluation of the living expenses and cash flow and investment needs of the ward
  • Preparation of annual accountings required by the court
  • Protection of ward’s assets from fraud or mismanagement
  • Disbursement of funds for care and maintenance of the ward including paying bills and ongoing expenses and monitoring medical expenses and insurance filings
  • Preparation and filing of federal and state income tax returns and estate and tax planning for the ward
  • Collaboration with family and advisors to manage all aspects of the guardianship account

As guardian of the estate, we will investigate and pursue all available aid benefits for you, as our client, including Medicaid and Social Security. When appropriate, we and our counsel can advise you on methods to maximize your public aid benefits through the establishment of special needs trusts and OBRA trust planning vehicles. We also work with the Department of Healthcare and Family Services when aid is available from those agencies.


Getting Started
We understand that selecting a guardian is a very important and personal decision. You want a guardian that has the necessary technical expertise and experience, but also is an attentive and compassionate advocate for your loved ones’ needs. To learn more, about how we can be there for you and your family, talk to a Trust Administrator with Wintrust Wealth Management.

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