The Guardian’s Fund was created to secure and administer funds on behalf of particular individuals, including minors (those under the age of 18), those who are unable to handle their own affairs, and the people who are missing. The majority of the funds for the Guardian’s Fund come from inheritances. The Public Investment Commission generally manages the Guardian’s Fund investments, which are annually audited. The High Court elects the guardian, who may then request support on behalf of the person whose money is invested in the fund.
The Master of the High Court pays all the accrued interest from investment funds for the maintenance of daily necessities, such as school and university fees, uniforms, medical expenses, housing, lodging, and any other expenses or expenditures that may be justified. He may pay R100,000 from the invested funds as well. All the payments, including money, interest, and maintenance, are made by EFT deposit into the payee’s bank account.
Who can appoint a guardian for a minor?
The Master of the High Court has no right to appoint a guardian for a minor. A person other than the natural guardian of a minor may only be appointed as the guardian of that minor by the High Court. Similarly, only the High Court has the authority to strip a natural guardian of custody of their minor child.
How do I apply for the Guardian’s Fund in South Africa?
The applicant for the Guardian’s Fund has to submit an application form on J251 along with a government-issued ID or passport and verification of their fingerprints. The necessities mentioned above can be submitted at any of the master’s or magistrate’s offices.
How long will it take to process the application for a guardian’s fund?
According to the Accountant General Service Standards, the money for the guardian fund will be deposited in the holder’s account within 21 working days.
What happens with the money in the guardian’s fund?
Anytime the Master receives or accepts money, he or she is required to open an account in the Guardian’s Fund books in the name of the individual or estate that the money belongs.
But in the case of the absence of the account holder, the account may be formed in the name of the person from whom the money is derived, as well as the estate from which the money has been received or the estate from which the money is derived.
When can an account holder claim the invested money?
When a minor reaches the age of majority (when they turn 18, get married, or the High Court declares them to be of legal age), they are eligible to receive the money invested and the interest that has been earned.
An unknown person
If the beneficiary cannot be identified, money may still be claimed when the beneficiary learns about the account.
Who manages the guardian’s fund in South Africa?
Currently, six master’s offices, located in Cape Town, Pretoria, Bloemfontein, Kimberley, Pietermaritzburg, and Grahamstown, are managing the guardian’s fund. Moreover, you can turn in your completed application documents at any MOVIT location.