If the guardianship is to oversee the child’s estate, then the duties are different. Often a guardian will do both, but in some cases there are two different guardians appointed for each range of duties. When someone is appointed the guardian of an estate, he or she is only responsible for the financial affairs of the ward. The guardian must manage the financial affairs until the child is 18, or in some cases, until he or she is 21.
More Guardian Duties | Lawyer in Raleigh NC
If you missed our last blog post, our attorney in Raleigh NC has more information on the duties of a guardian. Below, you'll find more.
The guardian of a child’s estate must do the following:
- Manage the finances of the child
- Collect and take an inventory of the child’s assets
- Put all of the assets into the estate
- Deposit any money received by the child into a separate account
- Keep records of all financial transactions
- File records with the court to ensure things are being handled properly
A guardian is not allowed to use, borrow or give away any of the money in the ward’s estate. If the guardian is caring for the child and the estate but cannot provide for the child financially, a petition to use money from the estate can be made. The court may allow money to be used for a period of time, or for specific things.
When the ward turns 18, the guardian must turn over all assets to him or her, and file a final report. If the courts find that the estate was not managed in an ethical manner, then the ward can sue the guardian. If the management was ethical but the ward lost money in some way, the guardian will have to reimburse him or her. In some cases, if assets were managed well, the guardian could be entitled to payment for handling it.
Both types of guardians are appointed until the child turn 18, or until the court changes the appointment.
Attorney in Raleigh NC
As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our attorney in Raleigh NC to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our lawyer is here to help you with all your legal matters, whether it be estate planning, divorce, child custody, trademarking, copyrighting, or DWI issues.