Who an individual names as their minor child’s or incapacitated adult's guardian is a very personal decision and should not be taken lightly.
One of the most common misconceptions is that a guardian also has control over the finances of the ward. The guardian is generally responsible for the care, medical needs, education and general welfare of the ward. A custodian, on the other hand, is generally responsible for the estate and finances of the ward.
Therefore, when discussing an estate plan with an attorney, individuals should be careful to discuss not only who they wish to serve as guardian for their minor child or incapacitated adult but also who they wish to serve as conservator.