Guardianship of the estate of a minor vs. estate of a person
There are two types of guardianship for minors: guardian of the person and guardian of the estate.
Guardian of the person is necessary when a minor does not have a parent to make decisions on their behalf.
For guardian of the person, the guardian must be a responsible adult who is willing to take care of the child. Once the minor reaches 14 years of age, he or she will have input as to whom the guardian should be. A parent need not apply for guardianship of the person as they have legal rights as a parent. The guardian may continue to act in this capacity until either removed by the court or when the child reaches the age of majority.
Guardian of the estate occurs when a minor comes into possession of a large sum of money, such as an inheritance or life insurance policy.
Under §5112, For guardian of the estate, the guardian must be an adult or a corporation acting as fiduciary. A parent may not be the sole guardian of the estate, but may act as co-guardian. The guardian may continue to act in this capacity until either removed by the court or when the child reaches the age of majority.