DEFINITION of 'Guardian'

An individual who has been given the legal responsibility to care for a child or adult who does not have the capacity for self care. The appointed individual is often responsible for both the care of the ward (the child or incapable adult) and that person's affairs.

Also referred to as a "conservator" when referring to an adult in need of care.

BREAKING DOWN 'Guardian'

The guardian is usually either named or appointed in a will or in a court of law by a judge. A parent will often name a guardian to his or her children in the event of the parent's death or inability to provide for the children.

RELATED TERMS
  1. Natural Guardian

    A child's parent. In divorce situations, the parent with custody ...
  2. Guardian IRA

    An IRA held in the name of a legal guardian or parent on behalf ...
  3. Dependent Care Credit

    A nonrefundable tax credit offered to taxpayers who pay out-of-pocket ...
  4. Special Needs Child

    Children who have been determined to require special attention ...
  5. Kids In Parents' Pockets Eroding ...

    A slang term referring to adult children who are out of school ...
  6. Long-Term Care (LTC) Insurance

    Coverage that provides nursing-home care, home-health care, personal ...
Related Articles
  1. Taxes

    5 Ways To Save On Child Care Costs

    Child care costs can be a shock to new and expecting parents, but are some programs in place to help with the first few years.
  2. Insurance

    The 5 Most Expensive States for Child Care

    To get a better sense of how child care costs can fluctuate, here's a look at the costs of child care across the country.
  3. Personal Finance

    How An Allowance Helps Kids Get Money-Smart

    Discover which of these three reward techniques teaches the best lessons about money.
  4. Taxes

    How To Claim A Dependent On Your Tax Return

    If you are a caregiver, get to know the rules for claiming a dependent before filing your taxes.
  5. Personal Finance

    Teaching Your Child To Be Financially Savvy

    If you start today, you can set your kids up for a lifetime of smart money management.
  6. Financial Advisor

    How to Protect Retirement and Help Adult Kids

    Parents can both protect their retirement money and help their adult kids. Here's how.
  7. Retirement

    Retirement Savings Plans For Kids

    It's never too early to save for the future - learn how your children can get started.
  8. Financial Advisor

    How to Help Clients Plan for a Special Needs Child

    A special needs child demands extra diligence in planning. Here's a guide to best practices.
  9. Personal Finance

    Opening Your Child's First Bank Account

    Teach your children to save up to meet their spending - and saving - goals.
  10. Taxes

    How to File Your Child's First Income Tax Return

    Use this quick parental guide to help your child learn the tax filing process and establish good habits.
RELATED FAQS
  1. Can someone who is not yet of legal age open a brokerage account?

    An underage person cannot open a brokerage account on his or her own. However, it is possible for an underage person to have ... Read Answer >>
  2. Are Social Security survivor benefits for children considered taxable income?

    Learn why receiving Social Security survivor benefits on behalf of children does not affect income tax for a surviving parent ... Read Answer >>
  3. Can my child have an IRA/Roth IRA?

    Explore the possibilities for establishing a traditional or Roth IRA for a minor child, and learn the necessary requirements, ... Read Answer >>
  4. What are some examples of fiduciary duty?

    Understand what it means to be a fiduciary, under what circumstances fiduciary duties arise and some common examples of fiduciary ... Read Answer >>
  5. Will Medicare pay for long-term costs?

    Long-term care refers to a variety of care services (medical and non-medical) that helps meet the needs of people who have ... Read Answer >>
Trading Center