If a minor or an incapacitated person is to receive property, Guardianship of the Property will be required to protect the Ward’s property. There is a myth that a parent (natural guardian of the person) is legally authorized to handle money for their children, which is not true. Parents of minor children may be the natural guardian of their children, but they will not have the authority to handle funds for their children. For example, if the minor children or an incapacitated person receives an inheritance from an estate or is awarded a settlement in a lawsuit, the parent (natural guardian) cannot use those funds without the Court’s permission. Therefore, a Court will need to officially appoint the parent (natural guardian) as the Guardian of the Property to manage those funds.
 
This type of guardianship can be complicated because the guardian is responsible for managing all of the Ward’s assets, and the Guardian has to prove to the Court that he/she has done so by filing an Annual Accounting.  The Annual Accounting will provide the Court with a list of all the income the Ward received. Additionally, the Annual Accounting will provide the Court with a list of all disbursements made from the guardianship account. Furthermore, the guardian will be required to maintain and file with the Court all of the bank statements, which will verify that the funds are held in the financial institution.
 
If you or someone you know need assistance with a Guardianship of the Property, please contact Kimberly M. Soto at 321.972.2279 so she can further advise you.