GAIN ON SALE OF ESTATE ASSET - An adjustment is taken on the Administration Account to take a gain (or loss) to the Estate if an asset, such as Real Property, a Vehicle or other Tangible Personal Property, if the asset is sold for more or less than the value reported on the Inventory.
GUARDIAN – Someone appointed by a Court to oversee an individual’s personal affairs, financial affairs, or both. Generally, in a Probate Estate matter, a Guardianship is necessary due to a minor child inheriting, because minors may not inherit. One’s parent is NOT automatically their Guardian of the Property for the purposes of overseeing an inheritance. If an adult is incompetent to handle their affairs, an adult Guardianship may be issued for similar reasons. Guardianships are complex. It is advisable to consult an attorney regarding any Guardianship matter.
GUARDIANSHIP – A Guardian is someone appointed by a Court to oversee an individual’s personal affairs, financial affairs, or both. Generally, in a Probate Estate matter, a Guardianship is necessary due to a minor child inheriting, because minors may not inherit. One’s parent is NOT automatically their Guardian of the Property for the purposes of overseeing an inheritance. If an adult is incompetent to handle their affairs, an adult Guardianship may be issued for similar reasons. Guardianships are complex. It is advisable to consult an attorney regarding any Guardianship matter.
GUARDIAN OF PROPERTY OF MINOR - A Guardian is someone appointed by a Court to oversee an individual’s personal affairs, financial affairs, or both. Generally, in a Probate Estate matter, a Guardianship is necessary due to a minor child inheriting, because minors may not inherit. One’s parent is NOT automatically their Guardian of the Property for the purposes of overseeing an inheritance. Guardianships are complex. It is advisable to consult an attorney regarding any Guardianship matter.