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Legal Duties and Responsibilities for Guardian of Estate Only 

• Protect, preserve and manage all assets belonging to ward. Aplan should be prepared to address the needs of the ward.

• Budgets should be prepared to maximize benefits for the ward.

• To use the assets for the proper care, maintenance, educationand support of the ward. (A guardian is not required to incurexpenses for the benefit of the ward except to the extent thatthe ward’s estate will allow. Guardians must keep theirpersonal funds completely separate from their wards.

• Examine and verify validity of all requests for payments.

• Identify and apply for benefits as found appropriate on behalf of the ward.

Investments

A guardian may, without prior approval of the court, invest theward’s funds in the following:

• Federal Deposit Insurance Corporation (FDIC) or FederalSavings and Loan Insurance Corporation (FSLIC) insuredsavings accounts in any bank or savings and loan institution.

• Interest-bearing obligations of or fully guaranteed by the

United States.• Interest-bearing obligations of the United State Postal

Services.

• Interest-bearing obligations of any county, city, or schooldistrict of this state.

A Guardian of the Estate must seek court permission for thefollowing:

• To sell, lease, place into trust or surrender any property of theward.

• To invest the property of the ward.

• To continue the business of the ward.

• To borrow money for the ward.

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• To enter into contracts on the ward’s behalf.

• To make gifts from the ward’s estate or make expenditures forward’s relatives.

• To exchange or partition ward’s property.

• To pay attorney’s fees.

Inventory and Accounting

• A written inventory of the ward’s assets/property must besubmitted to the court. The inventory must be amended if additional assets are discovered after the initial inventory isfiled. This report should be filed within 30 days of locatingadditional assets.

• Complete and accurate financial records must be keptincluding receipts for expenditures, source of receipts andpurpose of disbursements.

• Annual written accountings must be provided to the courtwithin 60 days after the anniversary date of guardianshipappointment if no under Summary Administration.

• Reports may be required by the court at different intervals orat any time for a variety of reasons (status checks, summaryproceedings etc.)

• Copies of all reports should be given to co-guardians,attorneys involved, the ward and those entitled to noticeunder state law.