Legal guardians of children are their custodians and manage their personal affairs. In most cases, these are the parents of the children.

If a child possesses assets valued at 1,000,000 ISK or more, their legal guardian must submit a report to the district commissioner in the child's domicile area. The report should detail the main decisions regarding the child's assets made in the past year.

The report must be submitted:

• By 1 March each year, if the legal guardian is also the child's parent.

• By 1 April each year, if the legal guardian is appointed by the district commissioner.

Further information on legal guardians can be found here.