A Financial Guardian
has a myriad of responsibilities to handle. If the ward’s living situation isn’t safe or suitable, the Guardian should pursue moving the individual to a home or facility which provides supervision, medical care and socialization.
The Guardian/POA must coordinate the relocation:
- Moving parent’s possessions to the new location
- Inventory contents of home
- Engage relocators to select furniture & possessions suitable for new smaller home
- Monitor relocators who distribute remaining home contents to relatives or charity
- Engaging certified real estate appraisers to determine value of home
- Working with real estate agent to sell the home
- Working with elder law attorneys to file Court motion for approval to sell home
The Guardian has additional responsibilities:
- Locating assets of ward
- Budgeting for the ward’s personal & health needs
- Investing liquid assets
- Maintaining real estate of ward
- Review terms of traditional or reverse mortgages
- Review and update of all insurance policies
- Preparing court accountings
- Handle tax matters
Our CPA firm assists Financial Guardians with the administrative, relocation and accounting requirements. Several members of our firm have taken care of their elderly parents. We have experienced the many trials and tribulations of providing for their medical needs and handling their financial affairs.