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    Beware of the Risks of Assuming the Role of Guardian

    WealthManagement.com
    Aug 23, 2017

    Martin M. Shenkman 

    A New Jersey case evaluated the performance of a court-appointed guardian for an
    incompetent ward. A charity (The Society for the Propagation of the Faith) was the
    sole charitable beneficiary under the 1995 will of a testator referred to as “J.F.” The
    probate court approved the settlement of the formal accounting of the guardian who
    managed J.F.’s substantial estate during her final years. The beneficiary argued the
    trial court should have charged the guardian (an attorney) for alleged losses incurred
    in her efforts to dispose of J.F.’s real property (described in more detail below) and
    should have disallowed the expenditure of legal fees and accounting fees to an
    outside accountant.

    The case highlights the fact-sensitive, he-said/she-said nature of the performance
    and compensation of a guardian for an incapacitated ward, and highlights several of
    the grey issues that guardians can face, and steps that might be useful to consider.
    One of the key steps the guardian seemed to do right to protect herself was hiring
    outside experts, in particular a reputable regional CPA firm to handle accounting,
    and a real estate appraiser and broker to sell residential real estate, although it
    should be noted that she was challenged on each of these.

    Read his commentary here.

    No related posts.

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