Helping Guardians Fulfill Their Fiduciary Duties
While most people think simply about a guardian’s role to involve making good decisions for a loved one who cannot care for themselves, a guardian actually has a much more complex responsibility. As mentioned elsewhere on this site, the duties of a Guardian of an Estate can be extensive. As a fiduciary, the guardian must use their ward’s assets correctly, make proper investment decisions, and account to the court each year for the estate. Interestingly, guardians do not have the same ability to invest the ward’s assets that a bank might have if it were serving as a trustee. For instance, a guardian can only invest the assets in CD’s, government bonds, and similar highly safe investments. At the same time, the guardian has a duty to make the assets productive and must bring value for the ward’s estate.
The Estate and Trust Administration attorneys at Ford + Bergner LLP represent numerous guardians each year. In fact, we have represented some of our clients for nearly 20 years as they serve as guardian for beloved family members. Our goal in representing guardians is to make the job as simple as possible for the client. Each year, we prepare the accountings required for the court, assist in developing a budget for the expenses for the following year, file required updates on the condition of the ward, etc. Additionally, we field questions any time a guardian has concerns about a decision they are faced with making. If you are currently serving as a guardian or think you need to seek guardianship over a loved one, contact us to see how we can best assist you in managing the guardianship.
For more information about this matter, call 713-352-0937 or send an email.