It is very important that you do not mix your assets with those of the IP. You should always maintain a separate bank account for the IP with their name on the account and your name listed as their guardian to manage the account and write checks. Do not move or deposit the IP's money into your accounts. The IP's money is to be used only for their care and benefit.

John is guardian of the estate for his neighbor Sheila. Sheila has been struggling to manage her finances and has forgotten to pay utility bills, resulting in late fees and even temporary loss of service. As guardian of the estate, John is responsible for making sure Sheila's bills are paid on time. He and Sheila go to the ATM and withdraw $1,500 out of Sheila's checking account to cover her monthly utility bills and other expenses. John deposits this money in his checking account and writes personal checks from his account to pay Sheila's bills. Though this method may seem easier than working with the bank to have him added as a guardian to Sheila's account, he is mixing her money in his bank account, which not only makes tracking her income and expenses more complex, but also gives the appearance that he may be trying to exploit Sheila and misuse her money. John should talk to the bank about being added as guardian to her existing account or to set up a new guardian account to manage Sheila's expenses.

If the IP is married and has one or more joint assets with their spouse, it is important to disclose these joint assets to the court and seek specific court approval to maintain them as joint assets. Joint assets may include joint interest in a home, a bank account, or other financial holdings. It is also important to identify to the court any retirement savings of one spouse or the other in which the other spouse has an interest. All these items should be identified to the court either at the initial hearing or on the Inventory filed within three months of the date of the order or decree appointing a guardian.

In some cases, it is in the best interest of the spouse to decide to divide the previously joint assets. Whether the appropriate decision in each case is to keep the assets as joint assets or to divide the assets, court approval should be sought. It is important to get a court order acknowledging the joint assets and approving the proposed plan.

If the IP has joint assets with someone other than their spouse, such as an adult child or other family member, these joint assets must also be disclosed to the court at the initial hearing or on the Inventory. The guardian should propose to the court whether it would be best to divide the asset or maintain the asset as a joint asset.