When someone assumes the role of a guardian, they take on significant responsibilities and liabilities. As such, it’s wise to be aware of what’s expected of you if you plan to become a guardian.
Understanding guardianship
Guardianship is a relationship established by a court where an individual has the authority to make decisions for another person. Guardians are typically appointed for minors or adults who are unable to manage their own affairs due to age, disability, or illness.
Key liabilities of a guardian
A guardian of the estate must manage the ward’s finances. This includes investing money, maintaining records, and using the ward’s assets to support their needs without wasteful expenditure. Mismanagement can lead to personal liability for the guardian.
A guardian is also responsible for making healthcare decisions on behalf of the ward. If these decisions are made negligently or contrary to the ward’s best interests, the guardian could be liable for the outcomes.
Protecting yourself from liability
Guardians can protect themselves from liability by adhering to the laws and guidelines set forth by the courts. This includes:
- Seeking legal advice when uncertain about the extent of their authority or the legality of their actions.
- Keeping detailed records of all decisions and transactions made on behalf of the ward.
- Regularly communicating with the court about the status of the guardianship and the ward’s well-being.
Being aware of your responsibilities
Guardianship is a role that comes with great responsibility. Respecting the boundaries and obligations of this role can help ensure the well-being of the ward, while also minimizing the guardian’s exposure to liability.