What is a guardianship of the property?

In Colorado, a guardianship of the property is a legal arrangement wherein an adult (known as the guardian) is appointed by the court to manage the financial matters of another adult who is deemed to be unable to properly manage their finances. This arrangement is often used in cases of elderly persons or those with mental or physical disabilities who are not capable of making sound decisions about their own finances. The appointed guardian is responsible for managing all of the incapacitated adult’s financial affairs, including paying all bills and taxes, filing all necessary tax documents, investing funds, and reporting to the court on a regular basis. The guardian must also ensure that all funds are used for the individual’s benefit and not for their own personal gain; they are held to the highest standard of fiduciary duty. The court will only grant guardianship of the property after hearing from both the individual seeking guardianship as well as any other parties involved. It is important to note that guardianship of the property does not give the guardian authority over the individual’s medical decisions. The court may also set up a conservatorship, which grants the guardian more authority over the individual’s decisions and actions.

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What is a guardianship of the property?

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