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LSDefine
Simple English definitions for legal terms
financial guardian
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A quick definition of financial guardian:
A financial guardian is a person who takes care of someone's property when that person cannot do it themselves. This can happen if the person is too young, sick, or disabled. The financial guardian has to be responsible and use the property in the best way possible. They are different from a guardian of the person, who takes care of the actual person instead of their property.
A more thorough explanation:
A financial guardian, also known as a guardian of the estate, is a person who is legally responsible for managing the property of someone who is unable to do so themselves. This could be due to reasons such as being too young, having a disability, or being incapacitated.
The financial guardian has the duty to take care of the property and use it in the best way possible. They must act in the best interest of the person they are responsible for and make sure that their assets are protected and managed properly.
For example, if a person becomes incapacitated due to an accident and is unable to manage their finances, a financial guardian may be appointed by the court to manage their assets. The financial guardian would then be responsible for paying bills, managing investments, and making financial decisions on behalf of the incapacitated person.
It is important to note that a financial guardian is different from a guardian of the person. While a financial guardian is responsible for managing the person's property, a guardian of the person is responsible for taking care of the actual person.