Fiduciary Duties in Guardianship
A fiduciary duty is the legal and ethical responsibility to manage the assets and affairs of the Ward with integrity and diligence. Guardians are tasked with making decisions that are always in the best interest of the Ward, ensuring protection and proper management of their resources. It is crucial to understand and uphold these duties to protect the Ward's interests.
Here are some foundational rules that guardians must follow:
1. Maintain a separate guardianship account specifically for the Ward’s funds.
2. Utilize the Ward’s money solely for their personal care and benefit.
3. Ensure all of the Ward’s financial obligations are met promptly and maintain detailed financial records of all transactions.
4. Never mix the Ward’s funds with personal assets. If this occurs inadvertently, contact your attorney immediately for corrective actions.
5. Certain types of payments require the Court's prior authorization. These include large purchases such as a car or real property, investments, or legal fees.
If you find yourself uncertain about any fiduciary aspect, it is essential to consult with your attorney before making significant or permanent decisions on the Ward's behalf. Even when unintentional, missteps often result in costly corrections or negative repercussions. We are here to help and support you in your fiduciary role as Guardian
