Financial Responsibilities of a Guardian in North Dakota
In North Dakota, a guardian is appointed by the court to manage the personal and financial affairs of a person who is unable to do so themselves due to age, illness, or disability. The guardian’s financial responsibilities are outlined in the North Dakota Century Code and include managing the ward’s assets, paying bills, and making financial decisions on behalf of the ward.
Management of Assets
A guardian in North Dakota is responsible for managing the ward’s assets. This includes taking inventory of the ward’s property, protecting and preserving the assets, and using them for the ward’s benefit. The guardian must also keep accurate records of all transactions involving the ward’s property (North Dakota Century Code 30.1-28-04).
Payment of Bills and Expenses
The guardian is responsible for paying the ward’s bills and expenses. This includes the ward’s living expenses, medical bills, and any other debts or obligations. The guardian must use the ward’s assets to pay these bills and expenses, and must keep accurate records of all payments made (North Dakota Century Code 30.1-28-08).
Financial Decision-Making
The guardian is responsible for making financial decisions on behalf of the ward. This includes decisions about investments, real estate transactions, and other financial matters. The guardian must make these decisions in the best interests of the ward, taking into account the ward’s needs, preferences, and financial situation (North Dakota Century Code 30.1-28-09).
Guardian Compensation and Reimbursement
In North Dakota, a guardian may be compensated for their services and reimbursed for expenses incurred in carrying out their duties. The amount of compensation and reimbursement is subject to court approval (North Dakota Century Code 30.1-28-18).
Financial Responsibilities in Case of a Professional Guardian Legal Entity
In cases where a professional guardian legal entity has been appointed, the entity must engage an attorney if the guardianship proceedings become contested. The professional guardian legal entity is also responsible for the preparation and filing of legal documents related to the guardianship (North Dakota Century Code 30.1-28-04.1).
Conclusion
The financial responsibilities of a guardian in North Dakota are extensive and require careful management of the ward’s assets, payment of bills and expenses, and prudent financial decision-making. The guardian may also be entitled to compensation and reimbursement for their services, subject to court approval. In all matters, the guardian must act in the best interests of the ward and in accordance with the provisions of the North Dakota Century Code.