Court defines the duties of an estate guardian
Simply put, the "estate" of a person is everything he or she owns. It includes land, investments, bank accounts, furniture, cars, clothing and collectibles. Frequently, a person who has been named by the court as a legal guardian for another person also is appointed the person's estate guardian.
In general, the estate guardian's duty is to manage the person's estate in a way that is frugal, conservative and cautious. Estate guardians are bound by Illinois law as follows:
- You must receive written permission from the court to sell any of the ward's property to pay for the ward's care.
- You should open an FDIC fully-insured checking account, with the ward's social security number on the account, to pay for his or her expenses.
- You will not be personally liable for your ward's debts; however, you can be forced to pay for any mismanagement or fraudulent use of the ward's estate.
- You are not legally protected by getting the ward's consent on an expenditure.
- You may not remove any of the ward's property outside the State of Illinois.
- You must file an inventory of the person's assets, usually within 60 days of your appointment as estate guardian.
- If you discover additional assets after the initial inventory is filed, a supplemental inventory list must be filed within 60 days.
- You cannot sell, lease, mortgage or use as security the ward's land, house, car or other property without the court's consent.
An estate guardian is required to keep a careful record of all transactions involving the ward's property and usually is required by the court to submit a report periodically.
Note: This information was prepared as a public service by the Illinois State Bar Association and is a joint project with the Illinois Press Association. Its purpose is to inform citizens of their legal rights and obligations.