California Courts: Self-Help Center: Families & Children: Guardianship (Probate Court): Duties of a Guardian of the Estate: How do I manage the child's estate?

Keep all the child's money and property separate from everyone else's money, including your own money. Unless there is a court order, a guardian cannot:

If the child has a parent who is still alive, or the child gets money or can get support from elsewhere, then you need the court's permission to use the estate money to pay for the child's support, maintenance, or education.
You can file a petition explaining why you need to use the estate's money to support the child. Generally, the court will give you permission to use the minor's money for less than a year and for specific things.
Keep complete and accurate financial records, including records of every transaction that has to do with the estate. Write down all of the money that comes in and all money that goes out, and keep receipts for everything you buy using estate money.
Get and/or keep insurance coverage on the child's property.
Prepare a report, called an "accounting" of:

all money collected and all interest earned,
all money you spent and for what,
the date of every transaction,
the purpose of every transaction, and
what is left after the estate's expenses are paid. (See Probate Code section 1061 for what the accounting must say)

Last modified: 03/17/2008