a “guardianship agreement” is a legal document that is used to transfer the legal responsibility and care of a child to another party. finally, a guardianship agreement can sometimes be a standalone document or drafted in the form of an affidavit. guardianship agreements can also be created for adults that may need supervision as well due to mental disabilities or after becoming incapacitated. in these instances, the parties should also consider forming a guardianship agreement, and if they do, then it must clearly state the property and/or assets that the guardian will be responsible for overseeing. there are certain circumstances that can arise where an individual may want to challenge or reverse a guardianship agreement. in such cases, the court may intervene to cancel the guardianship agreement and will appoint a new person as guardian for the child.