Investment Company and. Variable Contracts Products Principals (Series 26) Practice Exam

In most states, how soon must guardian accounts be opened after court appointment?

1. 30 days

2. 45 days

3. 60 days

4. 90 days

The correct answer is: 60 days

In many jurisdictions, guardians who have been appointed by the court to manage the financial affairs of a minor or an incapacitated person are typically required to establish guardian accounts within a specific timeframe to ensure the proper management and protection of the ward's assets. The requirement to open these accounts within 60 days is designed to provide a reasonable period for the guardian to organize their responsibilities while also ensuring that the assets are managed promptly and appropriately. This timeframe helps to prevent potential mismanagement or loss of assets due to delays in establishing the required financial accounts. Therefore, the 60-day timeframe aligns with legal and ethical expectations for guardianship, promoting timely oversight of the ward’s financial interests. It is important to verify the specific laws and regulations that apply in particular states, as this timeframe can vary. However, the 60-day requirement is a common standard in many jurisdictions, reflecting a balance between the practical needs of the guardian and the need to protect the ward's interests.