You may assume that you will have to handle your loved one’s affairs, including their funeral arrangements and estate administration, once they unfortunately pass away. But you may not expect your work to start when they are still alive. That is, if they unfortunately reach an advanced age with a growing incapacity or disability. With this, you may be appointed as their guardian. That said, please follow along to find out the responsibilities of a guardian of the estate and how a proficient New York City guardianship attorney at Mark Wakim Law, can help you understand what to expect if appointed.
What are the key responsibilities of a guardian of the estate?
A guardian of the estate is otherwise commonly referred to as a conservator. This is a court-appointed individual granted the legal authority to manage another individual’s (i.e., a ward’s) finances, assets, and property should they reach a point of incapacity or disability and become unable to act on their own behalf. More specifically, if you are designated as such, the key responsibilities you may expect from this role are as follows:
- You may be expected to manage a ward’s money, real estate properties, stock investments, and other financial assets.
- You may be expected to use a ward’s income and assets to pay for their outstanding debts and necessary expenses.
- You may be expected to use a ward’s money to make non-risky investments that help generate additional income.
- You may be expected to protect a ward’s financial assets from diminishing in value or being taken by third parties.
Of note, you may be expected to report to the New York State Surrogate’s Court routinely and provide updates on your financial handlings. This is for the court to ensure that you are fulfilling your fiduciary duty well, and overall, that you are acting in the best interest of a ward and their financial assets. And so, you must keep detailed records of any financial transactions or decisions you make on behalf of a ward.
What are the other types of guardianships that can be appointed?
Under New York State’s estate laws, there may be some distinctions between guardianships. These roles may be assigned to a single or multiple individuals, depending on what the Surrogate Court deems best with the unique set of circumstances. So, besides being a guardian of the estate, you may be chosen to step into any one of the following positions:
- Guardian of the person: this appointment may allow you to make medical and personal care decisions on behalf of a ward.
- Guardian of the person and estate: this appointment may allow you to make financial, medical, and personal care decisions on behalf of a ward.
- Guardian ad litem: this appointment may allow you to represent a ward and defend their rights during a court case they are involved with.
Understandably, this may all seem like a headache during this especially overwhelming time. Well, to alleviate some of the pent-up stress, please turn to the legal aid of a talented New York City estate planning attorney. Contact our office, Mark Wakim Law, right now; someone will be more than happy to speak with you.
