What is a guardianship of the estate?
A guardianship of the estate in Virginia is a court-ordered agreement that assigns a responsible individual to manage the financial affairs and assets (such as bank accounts, real estate, and stocks) of another person, typically an incapacitated adult or minor child. The individual appointed by the court to manage the assets and financial affairs is called the guardian of the estate. When a guardianship of the estate is necessary, the court must appoint a guardian who meets the Virginia statutory criteria. The guardian must be at least 18 years of age, and unless otherwise waived, they must be a resident of Virginia. The guardian must also have the experience and qualifications necessary to manage the estate of the person in need of protection. The guardian of the estate is responsible for managing the assets and financial affairs of the person in need of protection. It is important to note that the guardian of the estate is not responsible for the daily medical and personal care needs of the person in need of protection. Those responsibilities usually fall to a different court-appointed guardian, known as the “guardian of the person.” Ultimately, the guardian of the estate is tasked with the responsibility of managing the financial interests of the person in need of protection. This includes ensuring that all financial obligations of the person in need of protection are met, such as bills, taxes, insurance, and other related costs. The guardian of the estate must also make sure that the assets of the person in need of protection are maintained and invested in a prudent and safe manner.
Related FAQs
What are the criteria for determining who should serve as guardian?How is a guardianship different from government benefits?
Who can petition the court for a guardianship?
What are the legal benefits of guardianship?
Are there age restrictions for guardians?
How do you select an appropriate guardian?
What is a guardianship for a child?
What is a legal guardian?
What is a guardianship of the minor?
Can a minor choose their own guardian?
Related Blog Posts
Understanding Guardianship Law: What Do Parents Need to Know? - July 31, 2023What Is a Guardianship and When Is It Necessary? - August 7, 2023
The Process of Establishing a Guardianship - August 14, 2023
What Are the Responsibilities of a Guardian? - August 21, 2023
Guardianship Law for Elderly Parents: What You Need to Know - August 28, 2023