GUARDIANSHIP - Guardianship of the Estate (Nationwide) - With or Without Temporary Orders - A Guardianship of the Estate is a court-appointed arrangement where a designated adult manages the financial assets and property of a minor or incapacitated adult, ensuring their financial well-being and protecting their interests.
Who is involved?
- The Ward: The person whose finances are being managed (the child or incapacitated adult).
- The Guardian of the Estate: The adult appointed by the court to manage the ward's finances.
Common Scenarios:
- Minor Inheritance: A child inherits a significant amount of money or property.
- Incapacitated Adult: An adult is unable to manage their own finances due to a disability or incapacity.
Duties of the Guardian of the Estate:
- Manage Assets: The guardian is responsible for collecting, managing, and investing the ward's assets.
- Keep Records: They must maintain accurate financial records and file regular accountings with the court.
- Act in the Ward's Best Interest: The guardian has a legal obligation to act in the best interests of the ward, not their own.
Alternatives to Guardianship:
- Trusts: Setting up a trust to hold assets for the benefit of the child or incapacitated adult.
- Power of Attorney: Granting someone the power to manage finances on behalf of the ward, but this is typically used for adults who retain some capacity.
Key Differences from Guardianship of the Person:
- Guardianship of the Person: Deals with decisions regarding the ward's care, health, and well-being.
- Guardianship of the Estate: Focuses solely on managing the ward's financial assets.
NOTE: Guardianship of the Estate is not needed when the child receives social security benefits
Does not include any filing fees or court costs.
GUARDIANSHIP - Guardianship of the Estate (Nationwide)
GUARDIANSHIP - Guardianship of the Estate (Nationwide) - With or Without Temporary Orders - A Guardianship of the Estate is a court-appointed arrangement where a designated adult manages the financial assets and property of a minor or incapacitated adult, ensuring their financial well-being and protecting their interests.
-
Who is involved?
- The Ward: The person whose finances are being managed (the child or incapacitated adult).
- The Guardian of the Estate: The adult appointed by the court to manage the ward's finances.
-
Common Scenarios:
- Minor Inheritance: A child inherits a significant amount of money or property.
- Incapacitated Adult: An adult is unable to manage their own finances due to a disability or incapacity.
Duties of the Guardian of the Estate:
-
- Manage Assets: The guardian is responsible for collecting, managing, and investing the ward's assets.
- Keep Records: They must maintain accurate financial records and file regular accountings with the court.
- Act in the Ward's Best Interest: The guardian has a legal obligation to act in the best interests of the ward, not their own.
-
Alternatives to Guardianship:
- Trusts: Setting up a trust to hold assets for the benefit of the child or incapacitated adult.
- Power of Attorney: Granting someone the power to manage finances on behalf of the ward, but this is typically used for adults who retain some capacity.
-
Key Differences from Guardianship of the Person:
- Guardianship of the Person: Deals with decisions regarding the ward's care, health, and well-being.
- Guardianship of the Estate: Focuses solely on managing the ward's financial assets.
NOTE: Guardianship of the Estate is not needed when the child receives social security benefits
Does not include any filing fees or court costs.
-