guardian of the estate

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Guardian of the estate refers to a type of guardianship where the court appoints a guardian to manage the finances of an individual. This type of guardian may be appointed for children, incapacitated adults, or spendthrifts in some circumstances. Guardians are subject to legal requirements of acting in their ward’s interests and not acting to their own self-interests. For adults, guardians often control the finances of an individual after they become reckless with their finances, and the guardian must balance managing the long-term sustainability of the finances with the wishes of the ward. For children, guardians tend to exercise much more control of the finances, managing everything from major expenses to the day-to-day purchases of the children. Guardian of the estate is in contrast with the guardian of the person who can make non-financial decisions on behalf of the ward such as medical and relationship decisions. 

[Last updated in January of 2022 by the Wex Definitions Team]