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Both guardianship and custody describe legal relationships between an adult and a child. Custody refers to a child’s biological parents, whereas guardianship would be given to a non-biological ...
A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary. [1]
A guardian with responsibility for both the personal well-being and the financial interests of the ward is a general guardian. A person may also be appointed as a special guardian, having limited powers over the interests of the ward. A special guardian may, for example, be given the legal right to determine the disposition of the ward's ...
Child custody is a legal term regarding guardianship which is used to describe the legal and practical relationship between a parent or guardian and a child in that person's care. Child custody consists of legal custody , which is the right to make decisions about the child, and physical custody , which is the right and duty to house, provide ...
For example, a special guardian may be granted the legal authority in Korea to decide how to handle the ward's assets without being granted any control over the ward's person. Specified guardian (특정후견인): A specified guardian is a person appointed to represent a person's interests in relation to a particular court proceeding or process ...
Joint custody is a court order whereby custody of a child is awarded to both parties. [1] [2] In the United States, there are two forms of joint custody, joint physical custody (called also "shared parenting" or "shared custody") and joint legal custody. [2]
In the decades leading up to the 1970s child custody battles were rare, and in most cases the mother of minor children would receive custody. [5] Since the 1970s, as custody laws have been made gender-neutral, contested custody cases have increased as have cases in which the children are placed in the primary custody of the father.
The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed guardian for the minor, and which satisfies the Internal Revenue Service ...