What is a guardianship of the property?
A guardianship of the property is a formal legal arrangement in which a court appoints an individual – known as the guardian – to have authority and responsibility for taking care of the property of another person, usually known as the ward. This type of guardianship is usually established when an individual is not capable of managing their financial affairs due to age, mental or physical incapacity, or other disability, or is for the benefit of an infant. In the state of Alaska, guardianship of the property is regulated by Alaska Statutes, Title 13. The guardian is responsible for safeguarding, managing, and accounting for the ward’s property. This may include locating, inventorying and protecting the property, investing money, filing tax returns, making sure bills are paid, and generally performing all duties necessary to protect and preserve the ward’s assets. The guardian is required to keep a detailed record of all the property, including income and expenditures, and must account for all of these to the court. A guardianship of the property is a serious responsibility and it is important for the guardian to remember that they are operating in a fiduciary capacity, which means that they always must act in the best interests of the ward and not in their own interests. The court will monitor the guardian as they perform their duties to ensure that they are meeting their obligations, and failure to do so may result in the court removing the guardian and appointing a new one.
Related FAQs
What is a guardianship for an adult?What is a guardianship for a child?
Can a guardianship be changed?
How do you remove a guardian?
Can a guardian be held liable for the actions of the ward?
What is a guardianship of the incompetent?
What happens if a guardian is no longer able to fulfill their duties?
How much does it cost to become a guardian?
What are the responsibilities of a guardian?
How often is a guardianship review required?
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