If you do not have a disability plan in place and you become mentally incapacitated, you will have a court-appointed guardian to make decisions for you and handle your finances and medical care. So, what exactly does a guardian do?
Manage Assets
Your guardian will have access to your financial accounts, personal property and real estate. He or she may use your property to collect rents or even to sell and provide funds for your care.
He or she may also use your financial assets as investments. This could provide a much needed form of income to cover your long term care expenses.
Pay Bills
Your guardian will be responsible for using your financial and physical assets to pay your bills. This may include your taxes, medical expenses and daily living costs.
Manage Medical Care
During your mental incapacity your guardian will ensure you have regular doctor visits to monitor your health as well as easy access to emergency care if needed. He or she will speak with your doctors and make medical decisions for you.
Manage Daily Needs
Whether you reside in a nursing home, group home or with your guardian, your daily care needs must be constantly monitored. Your caregiver will make arrangements if you need assistance with any daily activities.
Follow Legal Procedures
During your guardianship, your guardian must maintain contact with an attorney and with a court of law. Each year your caregiver will provide a statement as to your continued disability, your financial affairs and the state of your property. He or she must provide an accounting of all income and disbursements to the court, either quarterly or annually, depending on the court’s order. If at any time your guardian makes a major decision for your estate, such as selling a personal residence, he or she may be required to petition the court.
This constant legal supervision will ensure that your guardian is providing for your needs and is using your assets for your benefit only.
Larry Parman
Attorney at Law
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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