What Are The Duties Of A Guardian Of The Estate?
Similar to a Guardian of the Person, a Guardian of the Estate is appointed to make financial decisions for someone who is incapable of making prudent financial decisions for themselves. The role of a guardian of the estate is usually much more complicated than the role of a guardian of the person.
The Guardian of an Estate must post a bond to ensure that they perform their duties correctly. The bond protects the assets of the estate if the guardian were to act improperly and/or steal the assets. The requirement of a bond underscores the care that a guardian of an estate must take in managing someone else’s finances.
The Guardian of an Estate has a duty to not only manage the assets, but the Guardian must also:
- Pay the appropriate expenses for the incapacitated person
- Account to the Court regularly for their activities
- Seek Court approval for expenditures
- Invest the assets appropriately so that they are used wisely.
While certain Alternatives to Guardianship exist for guardians of the estate, anyone who takes over the role of guardian must act prudently and put the interests of the incapacitated person ahead of their own interests.
For more information on how a guardian of the estate can be beneficial to your family, contact Ford + Bergner LLP by calling 713-352-0937 or send an email. Appointments are available over the phone or at our offices in Houston, Dallas and Austin.