Tennessee > Local County > Hamilton > Chancery Court > Guardian-Conservator
So Now You Are Guardian Or Conservator 081 - Tennessee
| So Now You Are Guardian Or Conservator Form. This is a Tennessee form and can be used in Guardian-Conservator Chancery Court Hamilton Local County . |
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CHANCERY COURT FOR HAMILTON COUNTY, TENNESSEE oSO NOW YOU ARE A GUARDIAN OR CONSERVATORx (Form 081 Revised 7/1/2011) To help you perform your guardianship or conservatorship duties properly, the general duties and obligations are described herein. If you fail to meet your obligations under the law, you may be personally liable. This is intended to aid you and the COURT to properly serve the interest of someone who is at least partially incapacitated (your ward). However, this is neither a complete statement of current law nor is it intended to eliminate the necessity of your consulting with your attorney. The provisions in this document pertain primarily to the situation where the ward has property (assets) and you are the guardian or conservator of the property (as well as "of the person"). If there are no assets or if you are not responsible for the property (assets), then inventory, bond, and accountings will normally be waived. 1. BOND. After your appointment is approved by the COURT, you will be required to provide a surety bond before the LETTERS OF GUARDIANSHIP or LETTERS OF CONSERVATORSHIP can be issued. Unless the COURT makes other provisions, the bond will have to be in effect throughout the period you serve under the Letters. 1.1 BOND PREMIUMS. Bond premium for the first year will usually have to be paid to get the bond issued. You are required to pay the premium each year thereafter, until bond is cancelled by Court Order. CORPORATE SURETY STATEMENT. T.C.A. §34-1-111(c)(1)(D) requires all annual accountings filed with the COURT to include a statement from the corporate surety that the bond is in force for the next annual period. Forms for this purpose are available at this office and your local bonding agency should complete the form. BOND COSTS. The expense for the cost of a surety bond may be paid out of the ward's estate. You may be able to reduce the bond cost expense by placing excess funds of the ward into restricted deposits subject to withdrawal only on COURT order. This procedure will require COURT approval and an agreement signed by a financial institution. 1.2 1.3 2. LETTERS. No guardian or conservator can undertake the administration of the estate of a minor or disabled person before the guardian or conservator has been issued LETTERS OF GUARDIANSHIP or LETTERS OF CONSERVATORSHIP. After your appointment is approved by the COURT, and your bond has been made, you will then obtain the appropriate Letters which authorize you to take possession of the assets of your ward, the person for whom you are guardian or conservator. 3. WARD'S MONEY & ASSETS. You must immediately take possession of all of your ward's money and other assets and make a detailed inventory (see paragraph 4 below). You should also check to find out if your ward is receiving all benefits that they are qualified to receive i.e.: Veteran's benefits, Social Security or Supplemental Security Income (S.S.I.), Medicare or Medicaid. Once qualified for Medicaid, you MUST follow the rules and regulations associated with those benefits, so that your actions in managing the assets do not disqualify your ward from eligibility. You should determine what assets of the ward should be retained and which should be sold. However, without COURT approval, you may not sell, trade, lease, mortgage, pledge, transfer or discard your ward's property, or change investments. This is true even if the ward is your child, parent or other close relative. As guardian or conservator, you may not spend the ward's money, even for the ward's benefit, without COURT approval. Again, this applies even if your ward is your child, parent or other relative. COURT approval may be obtained to allow you to spend a budgeted amount each month by submitting a Property Management Plan to be approved by the Chancellor, or a motion seeking permission for specific purposes. 3.1 FIDUCIARY STATUS. As a guardian or conservator, you are a fiduciary for your ward. Thus, you must handle their funds for their best interest. The law does not require perfection. However, you will be held accountable for failure to follow the COURT orders and, of course, any misapplication or misappropriation of a ward's assets. 1 American LegalNet, Inc. www.FormsWorkFlow.com If you have questions or concerns regarding handling of accounts, investments or benefits, contact your attorney for advice or file for instructions with the COURT. 3.2 RECORDS. Complete and accurate records must be kept of all money or other assets received and disbursed by you as guardian or conservator. A running list of receipts and expenses will be helpful. ACCOUNTS. Checking accounts, savings accounts, certificates of deposit or other investment accounts should be placed in your name as guardian or conservator for your ward immediately after your appointment. All of your ward's funds must be kept separate and apart from your own. There can be no joint ownership of accounts unless approved by the COURT. GENERAL EXPENSES. You are usually authorized to spend the ward's assets for the reasonable and necessary expenses of the ward, such as for doctors, nursing home, rent, medicines, food and clothing where such is directly charged to the ward. Do Not write checks for cash, withdraw cash from accounts or use credit cards or debit cards without Court approval! Where the expenses of the ward are mixed (such as where you provide food, room, etc. in your home to the ward), you shall be required to get approval of the COURT as to the amounts that will be allowed on a continuing basis. GUARDIAN OR CONSERVATOR EXPENSES. If you have prior COURT approval for your fees and expenses, you may withdraw funds from the ward's assets in strict compliance with the order. You may likewise petition the COURT for guardian (or conservator) fees at the end of an account period but only after you have properly filed your annual accounting and it has been approved. ATTORNEY FEES & EXPENSES. You may use your ward's funds to pay for your attorney's services, or account fees only after COURT approval. INVESTMENTS. The ward's funds should be invested to earn income, but may only be invested in accordance with law. Losses from unauthorized or imprudent investments may render you personally liable. If there is a question about investments that are being considered, check with the COURT. The following investments generally ARE NOT considered in the best interest of the ward: 3.3 3.4 3.5 3.6 3.7 · Life insurance policy on the l
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