What Is a Property Guardian?
A property guardian, sometimes called a guardian of the property, is appointed by a Florida court to manage the finances and assets of someone who can no longer handle their own affairs. This is an individual without the legal capacity to make competent decisions for themselves. They might be an elderly person with dementia, someone with a disability, or even a minor who has inherited money or property. The court selects someone trustworthy to take on this role to protect the incapacitated person’s financial well-being.
Understanding the duties of a property guardian is essential because guardians must follow strict rules to avoid legal issues. Being informed will help you act in the best interest of the person you are protecting.
Property Guardianship: What Are Your Responsibilities?
Guardianship of property in Florida is not just about handling money. It involves making responsible decisions to manage someone else’s assets. Below are some key responsibilities.
Managing Finances and Assets
As a property guardian, your primary duty is to safeguard the person’s assets, including managing their bank accounts, investments, and real estate. An essential part of that responsibility is creating a financial plan to ensure that their money is used wisely and for that person’s benefit. This plan should cover necessary expenses such as medical bills, housing costs, and other critical needs. Guardians should avoid risky investments and instead focus on preserving the person’s assets to secure their financial future.
Keeping Detailed Records
Florida law requires guardians to maintain accurate records of all financial transactions, including receipts, bank statements, and notes detailing how funds were used. Regular reports, typically submitted annually to the court, demonstrate that the guardian is managing the property responsibly. Failure to keep detailed records can lead to legal issues, making it essential for guardians to stay organized and diligent in record-keeping.
Paying Bills and Debts
Property guardians must ensure that all bills, such as rent or mortgage payments, taxes, and utilities, are paid on time to avoid any penalties or disruptions. They are also responsible for settling any debts the person may owe. However, it is important to prioritize essential expenses to prevent depleting the person’s resources unnecessarily.
What Is a Property Guardian Not Allowed to Do?
Property guardians must act in the best interests of the person they are protecting. This means they cannot use the person’s money for personal benefit. Below are a few things a property guardian cannot do:
- Borrow money from the incapacitated person’s accounts. Guardians cannot take money from the incapacitated person’s funds for the guardian’s personal use. This is true even if the guardian intends to pay the “borrowed” money back later.
- Sell property without court approval. For example, if the person owns a home, the guardian must first obtain permission from the court before proceeding with a sale.
- Change beneficiaries on insurance policies or retirement accounts. Any changes must align with the protected person’s wishes as they were before becoming incapacitated and usually need court approval.
If you are unsure about your limits as a property guardian, consult with an attorney. Beller Law, PL can offer guidance to ensure you correctly execute your role.
Step-by-Step Plan: How to Fulfill Your Duties
Here’s a simple three-step plan to make the process easier.
Step 1: Understand Your Role
Start by reading your court order carefully to understand your specific duties. Each property guardianship case is unique, so knowing what’s expected of you is crucial. Take the time to assess how much time you will need to dedicate to this role. Consider how much time you’re willing to give and how much effort it will take to fulfill your duties properly. Managing someone’s assets can be time-consuming, so it’s important to be realistic about your availability. Reach out to an experienced attorney for advice if needed.
Step 2: Organize Financial Information
Gather all necessary documents like bank statements, tax forms, and bills. Set up a system to track every expense and payment. Staying organized will make it easier to report to the court. Additionally, having a well-maintained record will help prevent errors and ensure transparency in the management of the person’s assets.
Step 3: Consult Professionals When Needed
Being a property guardian can be complex, especially if large assets are involved. Don’t hesitate to consult with tax advisors, financial advisors, or attorneys to ensure you are making the best decisions. Beller Law, PL is here to help you navigate these responsibilities confidently.
Compassionate and Trusted Guidance from Beller Law, PL
Our firm proudly serves families in north Florida including Duval, St. Johns, Clay, and Nassau counties, as well as all over Florida. Led by attorney Rebeccah Beller, we provide personalized assistance with divorce, probate, estate planning, and guardianship matters.
Our focus is on educating clients about how Florida law impacts their families, particularly in the case of property guardianship when managing the finances and assets of someone who is incapacitated. We take the time to explain the court processes, required documents, and compliance with reporting requirements so you can confidently manage your loved one’s property. By fully understanding these obligations, you can avoid legal pitfalls and ensure that your decisions protect the person’s interests.
With over 25 years of trial experience, we prioritize efficient, results-driven legal strategies. We understand that timely resolutions are crucial, especially for those managing sensitive guardianship matters. At Beller Law, PL, your case will never be handed off – you will work directly with our skilled attorney.
If you’re feeling overwhelmed about property guardianship or other legal responsibilities, let us help guide you. Call or contact us online today for compassionate, trusted legal support tailored to your family’s needs.