After a person has been determined
to be mentally incapacitated and becomes a "ward" of the court, or if a
minor is in need of a guardianship or conservatorship to manage their
property, the guardian or conservator appointed by the court will have
numerous duties and responsibilities with regard to taking care of all
of the ward's needs. Depending upon the laws of the state where the
ward lives, some of these duties and responsibilities will require
court approval, while others will not, see your state specifics.
Investing the Ward's Liquid Assets
The court appointed guardian or conservator will be responsible for
deciding where the ward's liquid assets will be held and who will be
responsible for overseeing their investment, such as the guardian him
or herself or a professional financial advisor.
Determining the Status of Real
Estate and Tangible Personal Property
The court appointed guardian or conservator will need to determine
whether real estate and tangible personal property should be bought,
held, or sold. This could include deciding to sell the ward's car in
order to purchase a properly equipped van or other vehicle, or selling
the ward's primary residence or rental properties in order to raise the
cash necessary to pay for the ward's care.
Paying the Ward's Bills and Filing
Income Tax Returns
The court appointed guardian or conservator will need to pay all of the
ward's bills, including medical and personal bills, and preparing and
filing all income tax returns and paying the taxes.
Deciding Where the Ward Will Live
and Arranging for the Appropriate Care
The court appointed guardian or conservator will need to decide where
the ward should live, such as at home, in an assisted living facility,
or in a full care facility, and then who will be responsible for taking
care of the ward's personal and medical needs.
Asking for Court Approval When
Required
Depending upon the laws of the state where the guardianship or
conservatorship has been established, the court appointed guardian or
conservator will be required to obtain court approval to carry out many
of their duties and responsibilities.
Filing Annual Accountings and Plans
for the Ward's Care
Each and every year the court appointed guardian or conservator will be
responsible for preparing and filing with the court the following: a
detailed accounting of how the ward's assets have been bought, sold,
invested, and spent on behalf of the ward during the previous year; if
the ward is mentally incapacitated, a doctor's report detailing the
ward's current mental and physical conditions and whether a
guardianship is still required; and a plan detailing the medical
treatment and personal care received by the incapacitated ward in the
previous year and an outline of the plan for the ward's medical and
personal care for the next year.
For Minor Wards, Terminating the
Guardianship at the Appropriate Age
If the ward is a minor, then depending upon state law, when the minor
reaches the age of 18 or 21, the court-appointed guardian or
conservator must file a final accounting of the minor's assets,
terminate the guardianship or conservatorship, and distribute the
remaining assets outright to the ward, be sure to seek professional
assistance.
