When a person is granted guardianship of an estate, they have a lot of responsibility. There are only certain situations in which a child would need someone to appoint a guardian to their estate. If you are appointed as the guardian of an estate for a child, there are a wide range of things that you should make sure you are aware of. If one parent dies, the other parent will generally be appointed by the court as the guardian of the child’s estate. If no other parent is available to take guardianship, another person may be granted guardianship by the court.
Roles of an Estate Guardian
When you are appointed the guardian of an estate for a child, you will have to do so until they are 18 years old and can then manage their own estate. The guardian will be in charge of managing all of the child’s money. This includes inheritances that are both monetary and assets that are considered physical property, such as a house, car, etc. In some situations, the guardian of the estate will also be appointed the guardian of the child, but it depends on what the court decides.
If the child receives social security benefits or welfare through CalWorks, guardianship of the child’s estate is unnecessary. However, if the child does inherit a substantial amount of property or money, it is best that a guardian is appointed to their estate. It is important that the guardian makes smart choices for investing that money, such as starting a college fund or another type of savings account.
It is important to have an experienced estate attorney assist you in establishing guardianship over an estate. Contact our firm today.
If you need the dedicated legal representation for wills, trusts, and estate matters in California, contact the Law Offices of Yacoba Ann Feldman to schedule a consultation.