GUARDIAN FUND - MOJ
The Fund at a glance
Guardian Fund
The Guardian's Fund is a branch of the Master's office. According to Chapter V of the Administration of Estates Act 66 of 1965 (as amended), it is a statutory fund. The Guardian Fund's mission is to protect the assets of those who lack legal capacity and competence, unidentified or absent heirs, and certain untraceable people. The first funds received by the Guardian’s Fund in Windhoek was on 7 July 1920. Moneys are usually paid into the Guardian’s Fund by executors and financial institutions such as: • Pension Funds (usually the lump sum from a death claim for a member that passed away for the benefit of his/her minor children) • Salary offices (salary of the deceased payable to the deceased estates) • Insurance companies (policies due to the deceased estates or for the benefit of minor children) • Inheritances (inheritance from a deceased estate due to a minor beneficiary) • Insolvencies (dividends due to creditors payable from an insolvent estate or company or close corporation under liquidation) • MVA (benefit paid by the MVA fund for a minor) • Curatorships (moneys from the estate of person incapable of handling his/her own affairs for the benefit of such person) The Guardian's Fund has a current account at Bank Windhoek's Kudu Branch. Each and every dollar received is deposited into the Bank Windhoek account. Payments are made from the Bank Windhoek account via check or electronic transfer. All funds that aren't needed right away are invested at different financial institutions. To choose where to invest and what kind of investment to make, apply the following rules: • Highest rate with lowest risk. • Cash flow – how much funds are necessary for immediate payments. • Amount of many already invested in a specific company – to reduce risk of losing money if company went bankrupt. • Products available in the market. • CPI is used as the benchmark. The financial records of the Guardian’s Fund are audited annually by the Auditor – General and the Internal Audit division of the Ministry of Justice.