After appointing as guardian of the property in Maryland, the Court requires the first complete training. Including how to manage the property of the disabled effectively and efficiently. As the guardian of the property, you now have the duty and power to make decisions on the disabled’s behalf regarding his property. After your appointment, the court requires you to manage the disabled’s money and property for THEIR benefit, not your own. To ensure that you do so correctly, here are some tips to keep in mind:
- First, you need to act only in the disabled person’s best interest to avoid a conflict of interest. Be sure to keep your bank accounts and other accounts at different banks to avoid any issues with impropriety.
- Second, manage the disabled's property carefully by making an inventory of the location, amount, and description of all assets. Keep this list handy for when you have to file it with the court as this is a requirement with your yearly inventory.
- Third, keep a record of everything you did on behalf of the disabled’s property. This includes keeping receipts and notes for big and small expenses alike. Also, as a guardian, you must file an annual report known as Fiduciary Report with the court. This report contains all transactions done, the income and expenses for accounting purposes on a yearly basis.
- Lastly, will have to notify the appropriate financial institutions handling the property of the disabled of your appointment as the disabled’s guardian. Ensuring all correspondence and information regarding the property of the disabled redirects solely to you.
AS GUARDIAN OF THE PROPERTY CAN I CHANGE THE TITLE OF THE ASSETS?
As a guardian of property, you can change the title of the assets of the disabled person. With your name signifying that you are holding the assets on behalf of the disabled person. Joint assets owned by the parties, however, cannot change the title. Thus, ensuring the rights of the disabled person protected with that joint interest. Like for example, opening of bank accounts. Also, a check printed with the disabled person’s name and your name beneath noting your role as guardian.
BENEFITS OF BEING GUARDIAN OF THE PROPERTY.
One of the biggest benefits of being a guardian of the property is that you are serving the best interest of the disabled person’s interest ahead of their profit. As a guardian, you are giving the person secure financial management over the years. The rights of a guardian are legal in nature while making decisions about the financial status of the disabled. Other social benefits between family, or children is a great help for the signing of these forms to avoid further complications and delay upon requests.There are different processes of appointing as a guardian of property in the State of Maryland. A professional Maryland attorney ensures all of your interests, concerns, and safety considerations will help you in your case. Contact Angel Murphy today at The Murphy Law Firm, LLC to schedule a consultation at (240) 493-9116 or send a message via email at email@example.com. If you are active on social media, like us on Facebook@AMurphyLegal, follow us on Instagram@AMurphyLegal, and Twitter@AMurphy_Legal.