A Fiduciary Partner you can Trust
At SPC Legal, we understand the importance of offering our clients Guardians Fund Services, to safeguard the interests and financial well-being of minors. Our dedicated team is here to guide you through the complexities of the Guardians Fund, ensuring that funds are managed appropriately and in the best interests of the children involved.
More than legal advice
Understanding
The Guardians Fund is a vital mechanism that safeguards the financial interests of minors who are beneficiaries of deceased estates, legal awards, or other funds. This fund ensures that these assets are protected until the minors reach the age of majority.
The Guardian’s Fund was established as per the Administration of Estates Act 66 of 1965.
The purpose of the fund is to oversee and keep safe funds for those who are unable to manage the funds in their own capacity, such as minors and individuals incapable of managing their own matters. It also keeps the money of absent (untraceable) people. The source of the funds is generally inheritance. The responsibility of regulating the Guardian’s fund lies with the Master of the High Court, who is not authorized to appoint a guardian or a custodian over a minor child. The appointment of a legal guardian can only be instituted by the High court, other than the natural guardian of a minor. In the same way, only the High Court can strip a natural guardian of guardianship over his or her minor.
All accrued interest, as well as funds up to R100 000 of the invested capital, can be allocated to service the following needs of a beneficiary;
For funds received by the Guardian’s Fund, it is the responsibility of the Master to open an account in the Books of the Fund, in the name of the estate or the beneficiary, to ensure that the transactions pertaining to each matter are recorded, which is in return audited on an annual basis. The actual money is invested with the Public Investment Corporation. The guardian can claim funds from for the fund in respect of the person whose funds are held, from the Master of the High Court.
Unclaimed funds are forfeited to the state after 30 years from the date that the money has become claimable. The Master of the High Court makes use of the Government Gazette to announce unclaimed funds, annually in the month of September. The accounts that have become claimable are also advertised three times!
Guardian’s Funds are administrated in the following Master’s Offices;
Download the application forms.
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