What is a guardianship of the estate?

A guardianship of the estate in Texas is when an adult (an “estate guardian”) is appointed by a court to handle the financial affairs of an incapacitated person (the “protected person”). The estate guardian is responsible for managing the protected person’s assets, administering the protected person’s trust (if applicable), paying the protected person’s debts, and filing reports with the court. The court typically appoints the family members or close friends of the protected person, and may appoint a professional guardian of the estate if necessary. The estate guardian performs many of the same duties as a trustee, such as investing, managing, and distributing the protected person’s assets. However, the estate guardian may only be appointed for one year at a time and must submit regular reports to the court to show that the protected person’s assets are being managed properly. The estate guardian also has a fiduciary duty to act in the best interest of the protected person, and any breach of this duty may result in the guardian being removed from the role and/or held personally liable for any losses.

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What is a guardianship of the estate?

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