You should become familiar with the limitations and scope of responsibility assigned to you in the court order. If you have any questions or are unsure of your duties, you should consult with a qualified lawyer.
Within the first 90 days in your role of guardian of the estate, you must complete, and submit to the court, an Inventory. To complete the Inventory accurately, you must determine the value of all of the IP's assets as of the time you were appointed guardian. To determine the value of select assets, you will need financial statements for accounts and investments, copies of legal documents, and a determination of the fair market value of real estate, vehicles, and valuable items. This includes:
Cash
Bank accounts including checking, savings, IRAs, promissory notes, etc.
Uncashed checks and refunds
Promissory notes, partnerships, other business interests
Insurance policies
Artwork, antiques, jewelry, furniture, valuable collections
Legal documents
Real estate
Vehicles, boats, trailers
Contents of safe deposit box
Brokerage accounts, stocks, bonds, mutual fundsxl
You will also need to report any income the IP receives. The IP's income may include:
Wages from employment
Social Security (SS) benefits
Supplemental Security Income (SSI)
Social Security Disability (SSDI)
Veterans Administration (VA) disability benefits
Pension income
Other benefits paid to the IP on a regular basis
If the court determines that you need to obtain a surety bond, the dollar amount of the required bond will be in the court order. A surety bond acts as insurance to protect the IP's money and assets against loss incurred through guardian error or misuse of funds. Surety bonds are most frequently required when the IP has a large estate. The annual cost of the surety bond can be paid out of the IP's assets or estate.