Understanding a Guardian’s Fiduciary Duties

Becoming a guardian for a loved one can be a daunting responsibility, especially when faced with the challenges of health issues or diminished capacity. This blog aims to offer clarity and confidence as you step into this crucial role. Understanding your fiduciary duty is key in ensuring you fulfill this responsibility with care and integrity.

Document Decisions

It's essential to maintain detailed records of all decisions and actions. Whether it's changes in care or living arrangements, keeping track of everything in journals, spreadsheets, or apps will help maintain transparency and accuracy.

Report Regularly

Guardians are typically required to provide regular updates to the court. These should cover the ward’s well-being, healthcare status, living arrangements, and any major developments.

Avoid Conflicts of Interest

It's important to identify and avoid conflicts of interest. Even the appearance of benefiting personally at the ward’s expense can be problematic. When in doubt, seek legal or professional guidance.

Differentiate Roles

Understanding the distinction between a guardian and an executor of a will is crucial. Guardians make decisions for the living, while executors act after someone has passed. Although one person can hold both roles, the duties and timing differ significantly.

Remember that guardianship is a serious and noble commitment. You're not expected to know everything at the start, but understanding fiduciary duties is a critical first step. If you need to discuss your responsibilities further or seek support in navigating the process, feel free to reach out. Rest assured, you are not alone on this journey.