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What Should You Do if You're Appointed Guardian of an Older Adult? Thumbnail

What Should You Do if You're Appointed Guardian of an Older Adult?

Estate Planning Money Matters Special Needs Planning

What Should You Do if You're Appointed Guardian of an Older Adult?


Guest post courtesy of Steven D. Jaeger, Esq. of The Jaeger Firm, LLC


Being appointed guardian of a loved one is a serious responsibility. As guardian, you are in charge of your loved one's well-being and you have a duty to act in his or her best interest.  

If an adult becomes mentally incapacitated and is incapable of making responsible decisions, the court will appoint a substitute decision maker, often called a "guardian," but in some states called a "conservator" or other term. Guardianship is a legal relationship between a competent adult (the "guardian") and a person who because of incapacity is no longer able to take care of his or her own affairs (the "ward").

If you have been appointed guardian, the following are things you need to know:

  • Read the court order. The court appoints the guardian and sets up your powers and duties. You can be authorized to make legal, financial, and health care decisions for the ward. Depending on the terms of the guardianship and state practices, you may or may not have to seek court approval for various decisions. If you aren't sure what you are allowed to do, consult with a lawyer in your state.
  • Fiduciary duty. You have what's called a "fiduciary duty” to your ward, which is an extremely high standard. You are legally required to act in the best interest of your ward at all times and manage your ward's money and property carefully. With that in mind, it is imperative that you keep your finances separate from your ward's finances. In addition, you should never use the ward's money to give (or lend) money to someone else or for someone else's benefit (or your own benefit) without approval of the court. Finally, as part of your fiduciary duty you must maintain good records of everything you receive or spend. Keep all your receipts and a detailed list of what the ward's money was spent on. 
  • File reports on time. The court order should specify what reports you are required to file. The first report is usually an inventory of the ward's property. You then may have to file yearly accountings with the court detailing what you spent and received on behalf of the ward. Finally, after the ward dies or the guardianship ends, you will need to file a final accounting. 
  • Consult the ward. As much as possible you should include the ward in your decision-making. Communicate what you are doing and try to determine what your ward would like done. 
  • Don't limit social interaction. Guardians should not limit a ward's interaction with family and friends unless it would cause the ward substantial harm. Some states have laws in place requiring the guardian to allow the ward to communicate with loved ones. Social interaction is usually beneficial to an individual's well-being and sense of self-worth. If the ward has to move, try to keep the ward near loved ones.  

 



Steven D. Jaeger, Esq., The Jaeger Firm, LLC


Steven D. Jaeger is a founding member of The Jaeger Firm, PLLC, located in Erlanger, Kentucky. Through unique personal circumstances, Steve understands first-hand the need to plan for long-term care and estate issues. Diagnosed with several life-altering auto-immune disorders, he’s dedicated his life to helping others understand the need for long-term planning, the importance of having a plan in place for one’s family, and the options available to people who are faced with life’s unexpected events. Steve is passionate about helping families and individuals create a plan to protect themselves, their families, and the assets they have worked their entire life to accumulate, while also preserving legacies and dignity during the aging process. 

X² Wealth Planning and Juncture Wealth Strategies are not affiliated with The Jaeger Firm, LLC. All information provided by the guest blogger has been provided as is and has not been reviewed or edited for accuracy.

Cover Photo by Georg Arthur Pflueger on Unsplash


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