Guardianship Current Assets
Overview of this form
The Guardianship Current Assets form is a checklist designed to help guardians assess and document the current financial assets of the individual under their care. This form is essential for ensuring transparency and accountability in managing someone else's financial matters, distinguishing it from other guardianship forms that may not focus specifically on assets.
Key parts of this document
- List of current assets, including bank accounts and property
- Details on income sources and financial obligations
- Verification of asset values and documentation
- Guardian's declaration of the accuracy of information
When to use this form
This form should be used when a guardian is required to report on the current financial status of the person for whom they are responsible. This includes situations such as annual reports to the court, assessments for potential changes in guardianship, or when seeking additional resources or support.
Who needs this form
This form is intended for:
- Guardians appointed by the court
- Family members managing the assets of a loved one
- Legal representatives handling guardianship cases
Instructions for completing this form
- Identify the person under guardianship and provide their details.
- List all current assets, including cash accounts and property holdings.
- Document all income sources and any existing debts or obligations.
- Assess and enter the current value of each asset listed.
- Sign and date the form to declare that the information is complete and accurate.
Notarization guidance
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Failing to include all assets, leading to incomplete reporting.
- Not updating asset values regularly, resulting in inaccuracies.
- Omitting signatures or dates, making the form legally invalid.
Benefits of using this form online
- Convenient access to a structured format that simplifies filling out the form.
- Editability allows for easy updates and corrections before submission.
- Reliability of templates drafted by licensed attorneys ensures legal compliance.
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FAQ
In most cases, power of attorney is preferred to legal guardianship because more control is retained by the person being protected. However, if court supervision is needed, guardianship may be more appropriate. Guardianship also gives the guardian court-ordered authority that third parties, like banks, must recognize.
The guardian is responsible for deciding where the ward's liquid assets will be held and who will be responsible for overseeing the investments. If the ward owns any real estate, the guardian is responsible for paying all of the bills for maintaining the property such as taxes, mortgages and insurance.
The duties of a guardian, generally speaking, are to oversee the welfare and safety of the person under guardianship, and to attend to the financial needs of the individual, using his or her assets wisely. A guardian has a legal duty, called a "fiduciary duty", to act in the best interests of the individual.
The Guardian's Allowance rate is £18 a week. You get it on top of Child Benefit and it's tax-free. You must tell the Guardian's Allowance Unit about certain changes to your circumstances.
Differences Between a Power of Attorney and a Guardianship Another big difference is that if you execute a Power of Attorney, you will be able to choose the person who will be handling your financial matters. Under a Guardianship proceeding, the guardian is chosen by the judge.
A power of attorney is a private way to decide who will have the legal authority to carry out your wishes if you can no longer speak or act for yourself. It is less costly than a guardianship, which is a public proceeding and the person appointed as your guardian may not be the person you would have chosen.
A guardianship is for managing the person's personal affairs; a conservatorship is for managing the person's financial matters. A conservatorship generally supercedes a power of attorney.
The Principal can override either type of POA whenever they want. However, other relatives may be concerned that the Agent (in most cases a close family member like a parent, child, sibling, or spouse) is abusing their rights and responsibilities by neglecting or exploiting their loved one.
