Section PRP.04.87 — Management Of Property

(a) In the event that any guardian shall receive any money or funds of any child or incompetent person during their term of office as guardian, before taking and receiving into custody such money or funds, the Court must require of such person a bond with sufficient surety to be approved by the Court and in such sum as the Court shall order, conditioned that the guardian will faithfully execute the duties of their trust, and the following conditions shall form the part of such bond without being expressed therein:

(1) To make an inventory of all the estate of the ward that comes into their possession or knowledge and to return the same within such time as the Court may order, and;

(2) To dispose of and manage the estate according to law and for the best interests of the ward, and faithfully to discharge their trust in relation thereto, and also in relation to the care, custody and education of the ward, and;

(3) To render an account on oath of the property, estate and money of the ward in their hand and all the proceeds or interests derived therefore, and of the management and disposition of the same, within three (3) months after their appointment, and at such other times as the Court directs, and at the expiration of their trust, to settle their accounts with the Court or judge or with the ward if the ward is of full age, or their legal representative, and to pay over and deliver all the estate, monies and effects remaining in their hands, or due from them on such settlement to the person who is legally entitled thereto.

(4) The funds of any child or incompetent must be used by their guardian solely for the support and education of such child and for the support of such incompetent, and shall be expended by the guardian in a reasonable manner according to the circumstances and station in life of such ward, and in such manner as can reasonably be afforded according to the income and estate of said ward.

(5) If determined to be appropriate by the Court, the written order may set forth that the child's property may not be used for the child's care, but rather to be managed for the child until the child reaches the age of eighteen (18) or is emancipated by the Court.