Guardians appointed to manage an estate have important financial duties. They must follow strict legal guidelines to protect the ward’s assets and ensure their well-being. Understanding these responsibilities helps guardians manage the estate effectively and avoid potential issues.
Managing and protecting assets
A guardian must identify and safeguard the ward’s assets. This includes securing bank accounts, real estate, and other valuable property. Guardians are responsible for maintaining records of all assets and ensuring they are used for the ward’s benefit. In some cases, the court may require the guardian to post a bond to protect the estate from financial mismanagement.
Paying bills and expenses
Guardians handle all necessary payments for the ward, including housing, utilities, medical care, and other essential needs. The guardian must prioritize these expenses while avoiding unnecessary spending. Keeping detailed records of every transaction ensures transparency and helps fulfill legal reporting requirements.
Filing taxes and legal reports
A guardian managing an estate must file the ward’s taxes accurately and on time. This includes income taxes and, when applicable, property taxes. In Oklahoma, guardians must also submit regular financial reports to the court, detailing income, expenses, and the overall status of the estate. These reports ensure accountability and compliance with state laws.
Seeking court approval for major decisions
Specific financial actions, such as selling property, making significant investments, or altering the estate’s structure, require prior approval from the court. Guardians must seek the court’s permission to avoid legal complications and ensure the ward’s interests remain protected.
Guardians play an essential role in managing an estate, requiring diligence, transparency, and adherence to the law. By staying organized and meeting all financial responsibilities, a guardian can ensure the ward’s assets are used properly, and their future is secure.