An estate guardian oversees the assets of someone unable to do so themselves due to age or disability. They must be financially and morally sound, undergo background checks, and submit annual accounting reports. If the property belongs to a minor, the child’s parents may assume the role with permission from the judge.
An estate guardian is an individual, usually appointed by a United States probate court judge, who oversees the assets of someone who is unable to do so himself, due to age or disability. The designated custodian is responsible for using the funds only for the benefit of the disabled person and keeps accurate records to justify expenses. He or she assumes certain responsibilities, such as paying bills, making investment decisions, or otherwise ensuring that money or property is used for the benefit of the disabled person.
In order to qualify and serve as a guardian of the estate, an applicant is usually required to undergo a fingerprinting and background check. This is done to make sure the person has not been involved in any criminal activity. Many times a credit check is also performed. He or she must demonstrate that they are financially and morally sound. As a rule, the applicant lives in the immediate vicinity of the disabled person.
In some cases, the guardian of the property is required to post a bond with the court. The bond acts as an insurance policy to ensure that the department’s assets are not misused. This often occurs when the value exceeds a certain denomination, which can vary by region, or in other cases when deemed appropriate by the court.
Since the court maintains ultimate oversight of the estate, the estate guardian is responsible for submitting a detailed inventory, or accounting, to the court on an annual basis. The inventory is a description of all the assets and liabilities of the disabled person’s estate, including all payments made on behalf of the department. Any changes to banking information, investments, real estate sales or other financial decisions made for the benefit of the disabled person are noted in the annual accounting report.
If the property belongs to a minor, many times the child’s parents will assume the role, which in most cases still requires permission from the judge. Sometimes, a child will be awarded financial compensation in a lawsuit or insurance claim, and other times, the property might be a home or other valuable item acquired through ownership. When a parent becomes a guardian of the property, he or she is also required to undergo all pre-screening procedures and to submit annual accounting reports. Furthermore, the parent is restricted to using the child’s assets only for the benefit of that child. Approved expenses may include medical bills or tuition, but usually don’t cover basic supports, such as food and shelter, unless a judge gives prior approval.
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