How does a Guardianship of the Estate work in Los Angeles California?
A guardianship of estate works to assist in collecting the assets, inheritance, life insurance, or other rights for the benefit of a minor who is under 18 years in Los Angeles. In California, a minor is a person under eighteen years old for whom a guardian is needed with respect to money or inheritance above the California statutory minimal sum of $5,000 per California Probate Code 3401.
What is a Guardianship of the Estate?
A Guardianship of the Estate is a court proceeding where a judge will give an adult the right to handle and protect the asset, income, and other financial rights of a minor.
When should you file to become a Guardian of the Estate of a Minor?
- When the minor is inheriting an estate asset.
- When the minor is named as a beneficiary of a deceased person’s life insurance policy.
- When the minor is the beneficiary of a pension of a deceased person.
- When the minor is the named beneficiary of an IRA owned by a deceased person.
- When the minor is named as a beneficiary of an annuity of a deceased person.
- When the minor is named as a beneficiary of a trust that does not have an age listed for distributions, and trustor has died.
- When the minor is listed as a beneficiary of a stock brokerage account of a deceased person.
- When the minor is listed as a beneficiary of a bank account of a deceased person.
- When the minor has rights in litigation and you want to protect those rights.
- When someone has wrongfully taken the assets or rights of a minor.
What are some common types of companies and entities which require a Conservatorship of the Estate?
- Life Insurance companies
- Annuity companies
- IRA custodians
- Stock brokerage firms
- Estates in probate
A Los Angeles Guardian must comply with state rules of guardianship as well as the local Guardian rules in Los Angeles. A Court investigator checks in to the suitability of a Guardian of the estate in Los Angeles.
Why should I file for a Guardianship of the estate?
If the entity that is requiring you to file for guardianship will not give you information, or release the funds to you, you should file for a guardianship. Sometimes these entities by contract allow a custodian to collect the funds. You should ask if the company has a named custodian provision in its agreements.
What assets can pass without a Guardianship of the Estate?
If the value of assets of the minor and what he/she will receive are not above $5,000.
Who may qualify to file for a Guardianship of the estate for a minor?
A parent, grandparent, relative, friend or professional fiduciary can apply for a guardianship of the estate of a minor.
Who is a Guardian of Estate of a minor?
A Guardian of the estate of a minor is a person who is the protector of the estate of a person below the age of 18 eighteen in California. A Guardian of Estate can be a parent, any relative, a professional guardian, a bank, the Public Guardian or a trust company.
Who can be appointed as guardian for a child in California, United States? A parent, a relative, a professional fiduciary, and other qualified entities who handle estates of minors.
- Where a minor does not have a guardian of the estate, money or other property belonging to the minor may be paid or delivered to a parent of the minor entitled to the custody of the minor to be held in trust for the minor until the minor reaches majority if the requirements of subdivision (c) are satisfied.
- Where the minor has a guardian of the estate, all the money and other property belonging to the guardianship estate may be paid or delivered to a parent entitled to the custody of the minor to be held in trust for the minor until the minor reaches majority if the requirements of subdivision (c) are satisfied.
- This section applies only if both of the following requirements are satisfied:
- The total estate of the minor, including the money and other property to be paid or delivered to the parent, does not exceed five thousand dollars ($5,000) in value.
- The parent to whom the money or other property is to be paid or delivered gives the person making the payment or delivery written assurance, verified by the oath of such parent, that the total estate of the minor, including the money or other property to be paid or delivered to the parent, does not exceed five thousand dollars ($5,000) in value.
When will the Guardian of the minor’s estate not be appointed?
- No guardian of the person may be appointed for a minor who is married or whose marriage has been dissolved.
- When the proposed Guardians of the Estate in not suitable.
- When the proposed Guardian of the Estate is not bondable, and will not agree to a blocked account.
- When the court denies the Petition based on an Objection.
Where does the guardian of a child’s money get appointed?
The estate or money of a child is handled in the probate court, not in family law court.
What happens after you file a Guardianship Petition for the Estate?
The court sets a hearing. If after the hearing, you have met the requirements of the Court, the Court will issue an order. With that order, you can get the Letters of Guardianship of the Estate.
Learn a little more about Guardianship here.
Why International Minors need protection in Los Angeles County California and how to obtain a Guardian of Estate in California, United States?
Every country has rules regarding the protection of assets of a minor. A minor person is a person under 18 years of age in California. Common international terms for guardian are as follows:
France: Guardienne / Guardien
Germany: Wachterin
Italy: Custode
Spain: guardián de la propiedad
If you are inquiring about a minor who is inheriting in another country, or you have an estate of a California minor, call us in the United States at 818.340.4479 or email: [email protected].
What are the Duties of a Guardian in California?
You can find the Duties of a California Guardian of the Estate here on pages 3, 4 and 5 of the form.
What should you do after you get appointed as a Guardian of the estate?
- You should set up books and records for the estate.
- You should present your Certified Letters of Guardianship to the person or entity that holds the funds or assets of the minor.
- You should calendar all of the Court’s deadlines for Guardians of the Estate.
- You should regularly communicate with a Guardianship lawyer in Los Angeles for the Guardianship estate.
What happens when Guardianship of the estate terminates?
Read our article about termination or ending a guardianship here and learn how to withdraw the funds from a blocked account at the end of the guardianship.
Our Guardianship attorney in Los Angeles can help you with getting the Guardianship of the Estate of the Minor set up and completed. Call Mina Sirkin at 818.340.4479 or Email us at: [email protected] for more information about Guardianships in Los Angeles and family law related matters pertaining or minors’ assets and estates. Call for a free Guardianship consultation appointment. We offer Facetime and Zoom appointments during COVID.
