What is a guardian of the estate required to do?
It is impossible to include an exhaustive list of the duties of a guardian of the estate here. In general, a guardian of the estate is a fiduciary and is held to the high standards to which all fiduciaries are held in caring for the estate of the ward. The guardian of the estate is required to post a bond in an amount set by the court to assure that the guardian fulfills his or her duties. Insurance companies issue the bond and the guardian pays the premium. Generally the guardian is reimbursed for the cost of the premium from the ward’s estate. The guardian of the estate also is required to publish a notice to creditors in a local newspaper and file an inventory of the ward’s assets. Each year, the guardian of the estate is required to file an annual account, detailing the receipts and disbursements during the year. This is a checkbook-type accounting — the beginning balance, plus receipts, minus disbursements, must equal the ending balance to the penny. When the guardianship termina
