What is a guardianship of the estate?

A guardianship of the estate is a legal arrangement in which an adult, known as a guardian, takes responsibility for managing the finances and property of an incapacitated or underage individual, known as the ward. This guardianship is typically court-appointed and is designed to protect the ward’s financial interests. In North Carolina, the guardian of the estate will typically have control over the ward’s assets, including bank accounts, investments, real estate, and other financial interests. The guardian of the estate is accountable to the court and must manage the ward’s finances responsibly. This includes keeping records of financial transactions, investing the ward’s assets appropriately, and filing the ward’s taxes. The court will review the guardian’s financial reports and make sure that the ward’s best interests are protected. The guardian of the estate may be compensated for their services to the ward, typically in the form of a reasonable fee. The amount of the fee will be determined by the court and the guardian is expected to provide receipts for any expenditures. A guardianship of the estate is a serious responsibility that should not be taken lightly. It requires trustworthiness, responsibility, and vigilance to ensure that the best interests of the ward are protected.

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What is a guardianship of the estate?

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