When a child’s parents become unfit or unable to care for their children, a guardianship may be appropriate. Along with this role come several responsibilities, including caring for the child’s physical, emotional, psychological, and educational well-being.
But the duties of a guardian don’t stop there. Guardians are also tasked with managing the child’s financial matters, which can be more complicated than initially thought. This can be especially true when a restricted depository is used.
What is a restricted depository?
Some, but not all, counties in Florida require the use of a restricted depository during the probate process. What this means is that the bank holds money that’s discovered during the probate process in an account until ordered to release it by the bank. This restricted access helps protect the account from mismanagement, thereby ensuring that funds are used as intended and for the beneficiary of the account.
Of course, this restriction can make managing an estate’s funds difficult, but it isn’t something that you can’t successfully navigate with a little guidance and patience.
Will a restricted depository be used in your guardianship case?
It depends. As mentioned above, not all counties utilize them. Florida statute indicates that they can be implemented for good cause, but some counties and courts treat these accounts as mandatory. So, if you want to learn more about how a restricted depository could impact your guardianship, then be sure to discuss it with your attorney.
Do you have other questions about guardianship?
Fulfilling a guardianship role is a big responsibility, and one that you should take seriously. To do so, develop as full of an understanding as possible when it comes to the process and your obligations. Hopefully then you can confidently navigate the process and protect the child you oversee and care for.
