If a person becomes guardian, does the guardian have to open a "guardianship account" or can the guardian use an existing account?

Question

W

Whitney Asked June 2016

If a person becomes guardian, does the guardian have to open a "guardianship account" or can the guardian use an existing account?

anyone know how this is done? For example, would pay for caregivers be paid only out of the guardianship account, or could they be paid out of an existing account? Also, are bank statements still sent to the residence of the disabled person, and titled: for example; Jane Smith, Guardian for John Smith? Basically, how is this done? Any information is greatly welcomed!

Power of Attorney (POA)

3 Answers

Most
Helpful Newest
First Oldest
First

Recent Questions

Related Questions

score 0 · Answer 1

NO, all accounts are titled under the name and SS# of the ward. You are only the Guardian, not the account owner.

Helpful Answer (0)

score 0 · Answer 2

Thanks for your answer, pamsteqma, but is everything titled under the Guardian's name, for example, a reverse mortgage?

Helpful Answer (0)

score 0 · Answer 3

If a person becomes a Guardian, most states now require training and oversight by the court. A lawyer is assigned to advise you.
If existing accounts have been mishandled, it would be better to move the money to a Guardian account, in which case you go to the bank with your original court order and see a bank officer to set this up. The account carries the name and SS# of the ward, but only the Guardian signs checks.

Helpful Answer (0)

If a person becomes guardian, does the guardian have to open a "guardianship account" or can the guardian use an existing account?

3 Answers

Recent Questions

Popular Questions

Related Questions

Ask a Question