Virginia Guardianship Current Assets refer to the assets or properties held by a guardian on behalf of a person who is deemed unable to manage their own affairs due to age, disability, or incompetence recognized by a Virginia court. The guardian, who is appointed by the court, is legally responsible for safeguarding and managing the current assets of the ward, ensuring that their best interests are protected. These assets can encompass various types, depending on the specific circumstances and needs of the ward. Some common types of Virginia Guardianship Current Assets include: 1. Bank Accounts: This includes checking, savings, and money market accounts held by the ward. The guardian has the authority to manage these accounts, make deposits, pay bills, and carry out financial transactions on the ward's behalf. 2. Investments: This category covers stocks, bonds, mutual funds, and other investment instruments owned by the ward. The guardian may be responsible for managing these assets, making investment decisions, and ensuring that the investments are in line with the ward's best interests. 3. Real Estate: It includes any properties owned by the ward, such as residential homes, rental properties, or undeveloped land. The guardian is responsible for managing these assets, including collecting rent, paying property taxes or mortgages, and making necessary repairs or maintenance. 4. Personal Property: This includes items such as vehicles, valuable collections, jewelry, or artwork owned by the ward. The guardian must safeguard and manage these assets, ensuring their proper maintenance, insurance coverage, and potential sale if deemed necessary for the ward's benefit. 5. Retirement Accounts: If the ward has any retirement accounts, such as an Individual Retirement Account (IRA) or 401(k), the guardian may have the authority to oversee these assets, manage the investments within the account, and make withdrawals when required. 6. Social Security Benefits: In cases where the ward receives Social Security benefits or other government assistance, the guardian may be responsible for managing the administration of these benefits, ensuring they are utilized for the ward's welfare. It's essential for a guardian to maintain accurate records and financial statements, documenting all transactions and decisions undertaken on behalf of the ward. They are also required to provide regular reports to the court regarding the status of the assets under their care. Overall, Virginia Guardianship Current Assets involve a range of financial resources and properties that a guardian manages on behalf of a ward, always ensuring their well-being and best interests are prioritized.
Virginia Guardianship Current Assets
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Guardians of the property of a minor have to qualify before the Clerk of Court or the Circuit Court, give bond and in most cases post corporate surety on the bond. The guardianship continues until the minor reaches age eighteen (18) at which time the minor is entitled to have all the assets delivered to him.
Petition: Any person may file a petition with a Virginia circuit court stating that a Virginia resident needs a guardian or conservator to manage some or all of his/her affairs. This person is called the petitioner. The person claimed in the petition to need a Guardian or a Conservator is called the respondent.
B. A guardian's duties and authority shall not extend to decisions addressed in a valid advance directive or durable power of attorney previously executed by the incapacitated person.
An adult guardianship or conservatorship is created when a Virginia circuit court determines that a person is unable to manage his or her own personal or financial affairs and appoints a guardian and/or conservator for that person.
Since there is no specific age at which a child ?gets to decide? on his or her own custody under Virginia law, it is vitally important to discuss this issue with your Virginia custody attorney and get his or her opinion on the role that the child's preference may or may not play in your particular custody case.
Allows a parent or guardian to delegate temporary custody of a minor child for 180 days by signing and having notarized a power of attorney.
"Guardian" means a person appointed by the court who has the powers and duties set out in § 64.2-2019, or § 63.2-1609 if applicable, and who is responsible for the personal affairs of an incapacitated person, including responsibility for making decisions regarding the person's support, care, health, safety, ...
