Guardian

Guardian

An individual or trust institution appointed by a court to care for a minor or an incompetent person and his or her property.

Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Guardian

A non-parent who is legally responsible for a minor child or mentally incompetent person. A guardian may be designated by a parent, perhaps in a will, or one may be appointed by a court. More than one guardian may be designated for a single person, each with his/her own areas of responsibility. For example, a child may live with one guardian while another is responsible for administering assets left to the child in his/her parent's estate.

Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Guardian.

A guardian is someone you designate to be legally responsible for your minor children or other dependents who are unable to take care of themselves if you are unavailable to provide for their care.

You may name the guardian in your will or while you are still alive. In most cases, a guardian makes both personal and financial decisions for his or her ward.

However, you may name two guardians with different areas of responsibility -- perhaps one for financial matters if you have a substantial estate. If you become disabled or otherwise unable to manage your own affairs, the appropriate court in your state may name a guardian to manage your affairs.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

guardian

A person who operates under court supervision and handles the affairs of a party—the ward—who is incapable of doing so.Wards may be minor children or those adjudged incompetent. Guardians may execute deeds on behalf of their wards. In some states, a guardian may not place a mortgage on property owned by the ward, nor may the guardian buy property subject to a mortgage.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.