Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.
Updated June 17, 2024 Reviewed by Reviewed by Samantha SilbersteinSamantha (Sam) Silberstein, CFP®, CSLP®, EA, is an experienced financial consultant. She has a demonstrated history of working in both institutional and retail environments, from broker-dealers to RIAs. She is a current CFA level 3 candidate and also has her FINRA Series 7 and 63 licenses. Throughout her career, Samantha has used her expertise and various licenses and certifications to provide in-depth advice about household and business-specific financial planning, investing, credit cards, debt, student loans, taxes, retirement, and income strategies.
A natural guardian, in legal terms, is a child’s biological or adopted mother or father. In a divorce, either or both parents may be granted legal custody with guardian rights. A natural guardian is empowered to make a wide range of decisions for a minor child, including medical and financial matters that legally require a parent or guardian’s consent.
A natural guardian typically makes day-to-day decisions for a minor child. Usually, this responsibility lies with the parents, although there are a few exceptions. Someone else may be appointed guardian via a parent’s will or by a court if a parent, the natural guardian, is deceased or deemed unable to care for a child.
An adult appointed as a guardian of a minor child might also be appointed as a conservator, making them responsible for financial decisions and managing assets the minor child may accumulate through inheritance or earnings. Typically, a natural guardian has the legal right to open accounts and manage money until the child becomes an adult. A court can assign the same responsibilities to a conservator.
When a child with a mental disability becomes an adult, a parent may need to be appointed by a court as a guardian or conservator. In these cases, a natural guardian requires an order to continue making medical, personal, and financial decisions that the disabled person is incapable of making.
The main advantage of recognizing natural guardians is that virtually all children immediately have someone responsible for their care. No legal intervention or related expenses are necessary. Furthermore, the concept of a natural guardian is itself natural. The vast majority of parents have a natural interest in caring for their children.
The main disadvantage of natural guardians is that seemingly unfit parents often retain guardianship until they do something terribly wrong. Unfit natural guardians are more of a liability than an asset for children. Critics of automatic natural guardianship complain that you need a license to drive a car, but anyone is allowed to have kids.
While a natural guardian has the right to make decisions for a minor child, the guardian also has responsibilities. All guardians are required to make sure that those in their care receive adequate food, clothing, and shelter. Failure to provide for a child can cause a natural guardian to lose custody of that child to a guardian appointed by a court.
The terms and rules will vary by state and what makes a natural guardian unfit can be highly subjective.
Natural guardians also have a duty to provide some type of education, but these requirements are more variable. Sending children to public schools, charter schools, and certified private schools is always acceptable. However, the requirements for homeschooling vary significantly from one state to another.
Medicine is another area where the requirements for natural guardians are less clear. Failure to provide any treatment at all for severe injuries is a reason for appointing a new guardian. On the other hand, courts have often sided with natural guardians who object to specific medical procedures for their children on religious grounds.