Guardianship Accounting Question

[lsbarr]

What is the name of your state?Hi. I live in the State of Ohio. 12 1/2 years ago my husband died in a car accident. At the time our daughter was 16 months old. He designated her as beneficiary on his life insurance police. So, years ago I saw a lawyer and was designated as Guardian. The money went straight into a savings account. Every two years an accounting has to be done. For the last 2 years I have completed the accounting myself. There is also a bond that I have to pay every year. I have been reimbursed every year for the cost of the bond and for the court filing fee. My question is, can I be compensated for the work that I do myself to complete this accounting every 2 years. The first few times I had a lawyer do it. However, it has become easier for me to complete it myself. Also, my daughter is now 13 years old. Can I use any of that money for her expenses? I remarried when she was 4 and my husband adopted her. It seems like a huge ordeal to every use the money for her even if I keep receipts. Is there an easier way? I think her account balance is $26,500.00. Thank you for your help. Lisa

 

[BlondiePB]

Also, my daughter is now 13 years old. Can I use any of that money for her expenses? I remarried when she was 4 and my husband adopted her. It seems like a huge ordeal to every use the money for her even if I keep receipts.

Expenses for what? Please explain and then I'll address all your issues.

 

[frankrozanc]

Check the court local rules.

The local rules of your probate court should have a section on guardianship compensation. It is usually based on a percentage of the total assets under guardianship. You can take compensation whenever you have to file an accounting. As to use of the money, court approval is required, and you must apply for an "Application to Expend Funds", and state therein what you want to spend and why. As long as the expenditure is for health, safety, education, or welfar, it should be okay, unless the court designated the funds for a specific purpose, or impounded them until the child reaches a specific age.

 

[BlondiePB]

The local rules of your probate court should have a section on guardianship compensation. It is usually based on a percentage of the total assets under guardianship. You can take compensation whenever you have to file an accounting. As to use of the money, court approval is required, and you must apply for an "Application to Expend Funds", and state therein what you want to spend and why. As long as the expenditure is for health, safety, education, or welfar, it should be okay, unless the court designated the funds for a specific purpose, or impounded them until the child reaches a specific age.

Due to the parent being the guardian of the estate over his/her OWN child, there are "special" rules, which is why I asked what I asked. This situation is a little different.