Understanding a Guardian's Fiduciary Duties

Facing the Role of a Guardian with Confidence

Being named as a guardian for a loved one facing significant health challenges or diminished capacity is a courageous and often overwhelming responsibility. You are not alone in this journey, and understanding your fiduciary duties is vital to fulfilling this role with care and integrity. This blog aims to provide clarity and build your confidence, focusing on one of your key responsibilities: fiduciary duty.

The Importance of Documenting Decisions

As a guardian, one of the most critical aspects of your fiduciary duty is to keep detailed records of all decisions and actions taken on behalf of your ward. Whether it involves changes in their care or living arrangements, maintaining accurate documentation through journals, spreadsheets, or apps is invaluable. This practice ensures transparency and accuracy, helping you stay organized and accountable.

Regular Reporting to the Court

Guardians are typically required to provide regular updates to the court. These reports should cover the ward’s well-being, healthcare status, living arrangements, and any significant developments in their life. Regular reporting not only fulfills a legal obligation but also ensures that the ward's situation is continuously monitored and evaluated.

Avoiding Conflicts of Interest

One essential aspect of fiduciary duty is to identify and avoid any conflicts of interest. A guardian must always act in the best interest of their ward, avoiding any situation that might suggest personal gain at the ward's expense. Even the appearance of conflict can be problematic, so seeking legal or professional guidance when uncertain is wise and often necessary.

Distinguishing Between Guardian and Executor Roles

It’s crucial to differentiate the role of a guardian from that of an executor of a will. A guardian makes decisions for someone who is alive, whereas an executor acts after someone has passed away. Although one person may hold both roles, their duties and timing differ significantly, and each must be approached with a clear understanding of its respective responsibilities.

Embrace the commitment of guardianship as a serious and noble undertaking. You are not expected to have all the answers from the start, but understanding your fiduciary duty is a pivotal step. Feel free to reach out if you need to discuss your responsibilities further or seek support in navigating this process. Remember, you’re not alone—support and resources are available to guide you through this role.