The court does continue to supervise the guardian of the property after he or she is appointed. A guardian of property is required to file an annual accounting of all the income, expenses, and any other activity of the ward’s assets during the accounting period. Speak with an experienced Maryland guardianship lawyer to discuss the duties associated with being a guardian of property in more detail. It is important to remember that someone else’s property and assets are in your hands for safekeeping. Make sure you are aware of all the duties involved in such a role so that you can execute them to the best of your ability.
Difference in Duties Between Guardian of Property & Guardian of Person
The primary duties of a guardian of the property in Maryland include paying money on behalf of the legally incapacitated person. It might include selling assets, if necessary, managing assets, and reviewing investments. It often involves ensuring that there are adequate assets to pay the ward’s needs and managing the assets to provide for the longevity of the funds, if necessary.
This also includes proper record keeping, so that the guardian can be prepared to file the annual accounting of the expenditures. The guardian must file an annual accounting that reflects all of the income and expenses of the ward’s assets during the accounting period.
Primary Duties of a Maryland Guardian of Property
The primary duties of a guardian of the property are to manage all of the legal and financial affairs of the incapacitated person, which may include selling assets if necessary, managing or maintaining assets, and investing assets. It includes paying expenses on behalf of the ward, including living expenses like healthcare, food, and clothing. A Maryland guardian of property will also have to prepare and file the income taxes of the ward on behalf of the ward.
Additionally, a Maryland guardian of a property may be appointed for a specific matter. The procedure is somewhat similar to the appointment of a full guardianship proceeding, although perhaps more expedited. It depends on the nature of the decision that has to be made, the nature of the relationship of the petitioning guardian to the alleged incapacitated adult, and whether the alleged incapacitated adult consents to the limited guardianship. Should there be a contested guardianship, the person seeking to be a guardian should seek the help and advice of an experienced Maryland guardianship attorney.
How a Guardian Carries Out Duties
When a guardian of the property is appointed, he or she will receive Letters of Guardianship. The letters will serve as the guardian’s authority to begin to marshal the ward’s assets. The guardian of the property in Maryland will marshal the assets of the ward, meaning that he or she will re-title the bank accounts to reflect the guardianship, which will allow the guardian to use those bank accounts to write checks to pay the expenses of the ward.
Good record keeping is a very important part of this process because the guardian is required to annually account for all of the income and expenses of the ward’s assets. The Maryland guardian of property is usually advised to keep all receipts for expenses paid and deposit slips for assets received. Guardians will often have to provide proof to the court of all of those expenditures, including receipts or possibly check stabs to reflect the payments that have been made during the accounting period.
Hire a Maryland Guardianship Lawyer Today
The court is continually involved with someone while they are serving as another person’s guardian of property. Having a Maryland guardianship attorney with you throughout the entire process will be a resource to you as you navigate the duties and responsibilities. Call today to schedule your free initial consultation.
Important Things to Remember About Being a Guardian of Property
The standard for a guardian of the property is that he will manage the financial and legal affairs of the ward with the same prudence that the guardian would manage his own affairs. To be clear, a guardian may not co-mingle his or her personal assets with the assets of the ward. However, the courts expect a guardian of property in Maryland to use the same diligence and vigilance they use while managing their own affairs when they manage their ward’s affairs.