What is a guardianship of the estate?

A guardianship of the estate is a legal arrangement in Alaska where a guardian, also known as a conservator, is appointed by the court to oversee and manage the assets and financial interests of someone who is unable to do so on their own. This differs from a guardianship of the person, which is used to protect an individual’s personal care decisions and custody needs. In a guardianship of the estate, the guardian is responsible for safely managing the assets of the ward, which includes bank accounts, real estate, investments, and anything else of value. The guardian is required to follow Alaska law in managing the assets and must act in the best interests of the ward. This includes creating sound investment strategies, keeping accurate financial records, and filing the required periodic reports with the court. In some cases, a guardianship of the estate might be necessary for minors or incapacitated adults. If the ward is a minor, the guardian will manage the assets until the minor reaches the age of majority. If the ward is an adult, the guardianship will remain in place until the ward can demonstrate the ability to manage their own financial affairs. The primary responsibility of a guardian of the estate is to manage the ward’s assets in a prudent, responsible way. The guardian is obligated to protect the assets from mismanagement, theft, or loss while ensuring that the ward has the necessary funds to cover their needs.

Related FAQs

Who can petition the court for a guardianship?
What happens if a guardian is found to be acting inappropriately?
What is a guardianship of the incompetent?
Can a guardian be removed?
How does a court decide to appoint a guardian?
What is the difference between a guardian and a custodian?
What are the powers and duties of a guardian?
Can guardians be named for minors?
How is a guardianship different from government benefits?
What is a legal guardian?

What is a guardianship of the estate?

Related FAQs

Related Blog Posts