What it is: a guardianship in which the court appoints a person to manage the money, property, and assets of the ward — because the ward cannot safely handle finances.
- Minor: when a minor receives a significant inheritance, settlement, life insurance
proceeds, or other assets, a guardian of the estate manages them until the child reaches majority (or until the court says otherwise).
- Adult: when an adult can no longer independently manage their financial affairs.
What that role includes (often): paying bills, managing bank accounts, protecting assets, and overseeing financial decisions.
Watch out for: this guardian usually must post a bond and file annual accountings with the court. Mishandling the ward’s funds is both a civil and potentially criminal problem. Keep clean records from day one.