Define: Custodes

A custodian is an individual or entity appointed by a court to manage and protect the assets and interests of another person, typically a minor or incapacitated adult.

While both custodians and guardians are responsible for the well-being of another person, a custodian primarily focuses on managing and preserving assets, while a guardian has broader responsibilities, including making personal and healthcare decisions.

Yes, a custodian can be held liable for any negligence or misconduct in managing the assets entrusted to them. They have a fiduciary duty to act in the best interests of the person they are representing.

A custodian is typically appointed by a court through a legal process, such as a guardianship or conservatorship proceeding. The court considers factors such as the custodian’s qualifications, relationship to the person in need, and their ability to fulfill their duties.

Yes, a custodian can be removed or replaced if they fail to fulfill their duties or if there is evidence of misconduct or mismanagement. This can be done through a court petition or by agreement among interested parties.

The responsibilities of a custodian include managing and investing assets, paying bills and expenses, filing tax returns, maintaining accurate records, and making prudent financial decisions on behalf of the person they represent.

Yes, a custodian is generally entitled to reasonable compensation for their services. The specific amount and method of compensation may be determined by the court or agreed upon by the interested parties.

A custodian can be held accountable for investment losses if they have acted negligently or breached their fiduciary duty. However, if the losses were due to factors beyond their control, they may not be held liable.

Yes, if the person represented by the custodian regains capacity or reaches the age of majority, they can petition the court to have the custodian removed and regain control over their own assets and affairs.