Being appointed guardian creates an ongoing fiduciary responsibility.
The guardian does not simply receive authority and move forward independently. A Florida guardianship remains subject to court supervision, reporting requirements, fiduciary obligations, and limitations imposed by the order appointing the guardian.
At The Gigele Law Firm, our attorneys assist guardians with the continuing legal and administrative responsibilities that follow appointment.
What Happens After a Guardian Is Appointed?
Depending upon the type of guardianship, the guardian may need to:
- obtain Letters of Guardianship;
- establish restricted or guardianship accounts;
- identify and secure assets;
- prepare an inventory;
- prepare an initial guardianship plan;
- establish an appropriate budget;
- manage income and expenses;
- protect real estate;
- manage investments;
- coordinate care;
- maintain detailed financial records;
- seek court authority for certain transactions;
- prepare annual reports; and
- ultimately complete final reporting and discharge.
The Initial Guardianship Report
Florida law generally requires an initial guardianship report within 60 days after the letters of guardianship are signed.
For a guardian of the property, the initial report consists of a verified inventory. For a guardian of the person, the initial report consists of an initial guardianship plan.
This initial stage is important because it establishes the baseline for the guardianship administration.
Annual Guardianship Plans
A guardian of the person generally has continuing reporting obligations concerning the ward’s care and circumstances.
An annual plan addresses matters relevant to the ward’s residence, healthcare, services, activities, and other personal needs.
Florida’s statutory framework separately identifies the annual guardianship plan as part of the guardian’s ongoing reporting duties.
Annual Guardianship Accountings
Each guardian of the property is generally required to file an annual accounting.
The accounting must address receipts, disbursements, property under the guardian’s control, and other required financial information. Florida law also requires guardians to retain evidence supporting expenditures and disbursements.
Good recordkeeping is therefore not optional.
Managing Significant or Complex Assets
Guardianships may involve far more than a checking account.
Our attorneys assist in administrations involving assets such as:
- residences;
- investment properties;
- brokerage accounts;
- retirement accounts;
- closely held businesses;
- LLC interests;
- promissory notes;
- valuable personal property;
- trust interests; and
- other complex assets.
Real Estate in Guardianship
Real estate can create significant administrative issues.
Questions may involve:
- whether property should be retained or sold;
- maintenance costs;
- insurance;
- taxes;
- mortgages;
- occupancy by relatives;
- repairs;
- valuation;
- liquidity needs; and
Guardian Compensation and Attorney Fees
Florida law permits guardians and attorneys rendering qualifying services to seek reasonable compensation, subject to court review and the applicable statutory requirements.
Fee petitions should therefore be treated as part of the court-supervised administration rather than ordinary private billing.
Why Guardians Need Legal Counsel
A guardian is a fiduciary.
Actions that may seem reasonable from a family perspective can have different consequences when taken by a court-appointed guardian.
The guardian should understand:
- the scope of the Letters of Guardianship;
- what decisions can be made independently;
- what actions require court authorization;
- how assets should be titled and maintained;
- reporting requirements;
- recordkeeping requirements; and
- fiduciary obligations.
The Gigele Law Firm assists guardians throughout the administration so that issues can be addressed before they become larger problems.
Call (772) 222-6548 to speak with our Florida guardianship attorneys.