Do you need to have a bank account set up for the children you are getting guardianship over?

Question

They told my mother that she has to set up a bank account for each of her 3 grandchildren she is getting guardianship of. They never said what for...college tuition or trust fund maybe. This is in MA.

Answer 1

If the three grandchildren have or are about to have any money of their own, the answer is probably that she will have to set up the accounts. In most states, parents are considered natural guardians and as such have the right to manage the money and property of their children up to a limit which is usually provided by statute. In my state of Florida, that limit is $15,000. If the appointed guardian is not a parent and is given responsibility for any funds or property belonging to the child, it is almost certain that a separate account will need to be set up for each child. Guardians are strictly accountable for any money or property belonging to the ward, and in this case the guardian will probably have some serious limits imposed on her ability to use the kid's money unless the judge in the guardianship approves it. If the money is mismanaged, the guardian is liable. If the guardian fails to keep proper records and can't account for the money, the guardian is liable. Being the guardian of someone's property is a lot like being a trustee, and the fact that the guardian in this case is also the children's grandmother makes no difference at all. Hopefully, your mother has a good lawyer helping her with the guardianship. If she doesn't have one, she should get one, quick. Failing to do the right thing when you're a guardian can get you into a world of trouble.

Answer 2

Who told her that, and no i don't think u have to get a bank account just because she's gettin guardianship, its like they're her own, she didnt have to get bank accounts for her own, but i dont know for sure, maybe its different procedures in different states.

Answer 3

It's entirely possible that "they" are social workers that haven't a clue what "they" are talking about. I can assure you that if "they" didn't explain it well enough that your mother doesn't understand it, she needs to get it clear.

It's possible that there is to be money paid to her for the children from someplace that she will need to be able to show that it was in fact spent for their benefit.

She needs to call and get it clear.

Answer 4

no