Why Parents May Need to File Guardianship of Their Own ChildrenBy Moskowitz Law Group, LLC |
You can probably see parents everywhere doing double takes over this, wondering what the point is to filing for a guardianship of a child they already claim as their own. Here’s the thing: guardianships aren’t necessarily legally about the right to take care of the child himself or herself. Sometimes guardianships can be about the estate of the child, in essence, the actual finances.
Let’s say a child, below the age of 18, either has a job, maybe an inheritance, or some other form of income that would legally belong to that child. The point of a guardianship of the estate would be to ensure the parent in charge of the child has a right to that inheritance or income as the decision maker, and this is especially involving the case of a child who is underage.
We’d see this instance happen often when huge amounts of property due to last wills and testaments are directly handed over to a child, a child who can’t realistically manage all those funds correctly. Most states, in fact, have a specific required amount pertaining to guardianships of estates, which is at least $5K. If it ever does happen, a parent has the right to file for guardianship of an estate, but it doesn’t necessarily mean a parent will obtain that right automatically.
There’s a certain reluctance to just hand over assets like that, so naturally, there would be a hearing to determine the facts of the case and consider accountability. Would the child be able to manage finances? Does the adult have the ability to manage finances? What would the finances and funds be spent or invested on? These are all perfectly valid questions that would be asked. Be in the know, consult with an attorney, and determine if you may need to file such a guardianship. In the long run, your child might actually thank you.