Only the High Court can appoint a person, other than the natural guardian of a minor, as the legal guardian of a minor. Likewise, only the High Court can deprive a natural guardian of guardianship over his or her minor.

The custodian which the Commissioner of Child Welfare appoints, is the person who is responsible for the day to day care of the minor. The custodian does however not have the right to administer the assets of the minor.

1. What happens with the moneys when deposited in the guardian's fund?

• When the Master receives or accepts any money he / she must open an account in the books of the Guardian's Fund in the name of the person to whom the money belongs or the estate of which that money forms part. If it is not known to whom such money belongs, the account may be opened in the name of the person from whom the money has been received, or the estate from which the money is derived, as the case may be.
• The money in the Guardian's Fund is invested with the Public Investment Commission and audited annually.

2. What is the position in respect of the payment of interest?

• Interest is payable on amounts paid into the Guardian’s Fund on behalf of any minor, persons incapable of managing their own affairs, unborn heirs and persons having an interest in the moneys of a usufructuary, fiduciary or fideicommissiary nature.
• The interest is calculated on a monthly basis at a rate per annum determined from time to time by the Minister of Finance. The interest is compounded annually at 31 March.
• Interest is paid for a period from a month after receipt up to five years after it has become claimable, unless it is legally claimed before such expiration.

3. Can I claim any maintenance from the guardian's fund and if, how?

• A minor account holder as well as a person who cannot look after his / her own affairs can claim maintenance from the Guardian's Fund. The Master is entitled to pay all accrued interest as well as up to R 100 000 from the invested capital for maintenance, like school and university fees, clothes, sporting and computer equipment, medical fees, board and lodging and any other needs that can be motivated.
• Maintenance can be claimed by the guardian / tutor / curator / or person looking after the person of the account holder by way of an application in the form of form J 341, supported by quotations and accounts. Payments can be made directly to the service deliverer, like schools, universities, bookshops, etc.

4. When can an account holder claim the invested money and how?

• Minors
  In the ordinary course a minor can claim the invested money as well as the accrued interest on reaching the age of majority, i.e. on the 18th birthday, marriage or declaration by the High Court of majority. However, a testator can stipulate another age as majority when a beneficiary is entitled to the invested capital, i.e. twenty- five years or even thirty years. (in the latter case interest will only accrue to the age of twenty five years.)
  
  Money can be claimed by the account holder when entitled by way of an application in the form of form J 251, supported by a certified copy of the account holder's identity document / passport / marriage certificate / order of court.
  
  
• Usufructuaries / Fidei commissaries
  Those entitled to the interest can claim the accrued interest on a annual basis after the 31st March of each year by way of a written application giving full particulars of the instrument which created the usufructuary / fidei commissary interest.
  
  The bare dominium holder can claim the invested capital when entitled thereto (usually after the death of the usufructuary / fidei commissary) by way of an application in the form of form J 251, supported by a certified copy of the account holder's identity document / passport.
  
  
• Untraced or undetermined beneficiaries
  Money can be claimed by the account holder when the account comes to their attention and when entitled by way of an application in the form of form J 251, supported by a certified copy of the account holder's identity document / passport.

5. How do payments take place?

• Money / interest / maintenance is paid by means of a crossed cheque to the payee and posted or by deposit in the payee's banking account.

6. What happens with the money if not claimed in time?

• After the lapse of a period of five years after the money has become claimable the Master pays the unclaimed money to the Receiver of Revenue Payment Register. This does not mean that the owner of the money cannot claim the money from the Guardian's Fund!
• However, after the lapse of a period of thirty years after the money has become claimable the money is forfeited to the State.

7. How will I know that I am entitled to money in the guardian's fund?

• The Master advertises in the Government Gazette every year during September all accounts that have become claimable. Each account is advertised three times.

8. What is the administration costs for account holders?

• The Master administers all funds in the Guardian's Fund free of charge and no administration cost is paid by account holders.
• The only commission that the Master claims - and pays over to the Receiver of Revenue - is a 5% commission on dividends paid to the Guardian's Fund by trustees and liquidators on behalf of missing creditors in insolvent estates.