Understanding Fiduciary Duties for Guardians

Finding yourself named as a guardian for a loved one facing serious health challenges or diminished capacity can be overwhelming. This blog is designed to provide clarity and confidence by focusing on a key responsibility: fiduciary duty. Understanding this duty will help you fulfill your role with care and integrity.

Document Decisions

It's crucial to keep detailed, clear records of all decisions, actions, and changes in care or living arrangements. Consider using journals, spreadsheets, or apps to maintain accuracy and transparency in your records.

Report Regularly

Guardians are typically required to provide regular updates to the court about the ward’s well-being, healthcare status, living arrangements, and any major developments. Ensuring these reports are thorough and timely is essential.

Avoid Conflicts of Interest

Identifying and avoiding conflicts of interest is vital. Even the appearance of benefiting personally at the ward’s expense can be problematic. Seek legal or professional guidance if you're unsure.

Differentiate Roles

It's important to distinguish the guardian’s role from that of an executor of a will. Guardians make decisions for someone living; executors act after someone has passed. One person may hold both roles, but the duties and timing are entirely different.

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Reaffirming that guardianship is a serious and noble commitment, remember that you're not expected to know everything upfront. Understanding fiduciary duty is a critical first step. Reach out if you want to discuss your responsibilities further or need support navigating the process. Remember, you’re not alone.