What is the difference between “guardianship of person” and “guardianship of an estate”?
A guardian of the person is responsible for your children’s care and well-being, essentially assuming the role of parent. This includes providing for their daily living and activities (e.g., shelter, food, clothing, medical care, education, etc).
A guardian of the estate, called a “conservator” in some states, is responsible for managing your children’s’ property and finances until they come of age. This can include: controlling, receiving, investing, and otherwise managing any assets left to your children; paying your children’s debts and expenses (e.g., for living expenses, education, and medical care); and keeping records of those assets along with filing annual reports about your children’s condition and property with the appropriate court.