Guardianship is a legal process used to protect individuals who are unable to care for their own well-being due to infancy, incapacity or disability. A court will appoint a legal guardian to care for an individual, known as a ward, who is in need of special protection.

How does a guardianship account work?

Children and Guardianship Accounts

Children are not legally allowed to open a bank account or manage their own money in an account. ... With a guardianship account, the money does belong to the child. The guardian of the account manages the money for a child but doesn't have any ownership over that money.

Do you get paid for legal guardianship?

When appointed by the court, a guardian makes decisions for the ward to ensure that the ward's medical, social and emotional needs are met. Generally, a guardian is entitled to reasonable compensation. ... A guardian is generally paid an amount which is not more than five percent of the ward's yearly income.