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A guardian is someone you designate to be legally responsible for your minor children or other dependents who are unable to take care of themselves if you are unavailable to provide for their care.
You may name the guardian in your will or while you are still alive. In most cases, a guardian makes both personal and financial decisions for his or her ward.
However, you may name two guardians with different areas of responsibility - perhaps one for financial matters if you have a substantial estate. If you become disabled or otherwise unable to manage your own affairs, the appropriate court in your state may name a guardian to manage your affairs.Yahoo Finance - Cite This Source - This Definition
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