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Simple English definitions for legal terms
guardian of the estate
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A quick definition of guardian of the estate:
Guardian of the estate: A guardian who is appointed by the court to manage the money and property of someone who cannot do it themselves. This can be for kids, grown-ups who can't make good choices with their money, or people who spend too much. The guardian has to make sure they use the money in the best way for the person they are taking care of, not for themselves. For kids, the guardian takes care of all the money stuff, like buying things they need and paying for big things. This is different from a guardian of the person who makes choices about things like health and relationships.
A more thorough explanation:
Definition: Guardian of the estate is a type of guardianship where a court appoints a guardian to manage the finances of an individual. This type of guardian can be appointed for children, incapacitated adults, or spendthrifts in some circumstances. Guardians must act in the best interests of their ward and not their own self-interests.
Examples:
- For adults, a guardian of the estate may be appointed when an individual becomes reckless with their finances. The guardian must balance managing the long-term sustainability of the finances with the wishes of the ward.
- For children, a guardian of the estate may manage everything from major expenses to day-to-day purchases.
These examples illustrate how a guardian of the estate is responsible for managing the finances of their ward. They must act in the best interests of their ward and make decisions that balance the ward's wishes with the long-term sustainability of their finances. This type of guardianship is different from a guardian of the person, who can make non-financial decisions on behalf of the ward, such as medical and relationship decisions.