As you may know, a well-rounded estate plan extends far beyond creating a will. One example of this is creating guardianships. Essentially, when you create a guardianship for a family member, it means that if a time comes where they become incapacitated and they are unable to manage their affairs on their own, you, as a guardian, can step in and assist. Please read on and reach out to our knowledgeable Maryland estate planning attorney to learn more about guardianship and how we can help you create one. Here are some of the questions you may have:
What does a guardianship do?
When you create a guardianship, it will give you the power to care for the person in your guardianship when he or she becomes incapacitated and can no longer make these decisions on his or her own.
What happens if I am appointed as a guardian?
When you are appointed as a guardian, you will have to manage the individual’s assets, property, and other affairs. For this very reason, you will have to always act in the individual’s best interest. This means you will have to responsibly manage their assets, keep their assets 100% separate from your own, and you must keep detailed records of all transactions with those assets and property. At some point, you will have to answer various questions asked by the court regarding your actions as a guardian, so it is critical you always behave responsibly and ethically. You must:
- Never divert from the court’s instructions
- Keep receipts for all expenses
- Ensure the individual’s healthcare needs are met
- Pay all bills and taxes on time on behalf of the individual
- Make sure that the individual is living in a safe, controlled environment
- Create a list regarding each asset the individual owns
If you have any additional questions or you believe that you are ready to create a guardianship, our firm is here to help you through every step of the legal process ahead. All you have to do is pick up the phone and give us a call.
Contact our experienced Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.