CPG Property and Asset Management Flashcards

What does 'commingling of funds' mean in the context of professional guardianship?

Answer: Improperly mixing a ward's funds with the guardian's personal funds or another ward's funds

Commingling means improperly mixing a ward's funds with the guardian's personal funds or another ward's funds, which constitutes a serious breach of fiduciary duty.

When a ward receives an inheritance during an active guardianship, the CPG must:

Answer: Report it to the court and incorporate it into the ward's estate accounting

Any inheritance received by the ward must be reported to the court and formally incorporated into the guardianship estate accounting.

Which of the following actions constitutes a conflict of interest for a CPG managing a ward's assets?

Answer: Purchasing the ward's property for the guardian's own personal use

A guardian purchasing the ward's property for personal use constitutes direct self-dealing, which is a prohibited conflict of interest without explicit court approval.

How should a CPG handle a ward's personal property such as jewelry, art, and collectibles?

Answer: Inventory, appraise, and secure them with court authorization required for any disposition

Personal property such as jewelry and collectibles must be inventoried, appraised, and secured, with court authorization required before any disposition is made.

A ward's home is vacant while they reside in a care facility. What is the CPG's ongoing responsibility regarding the property?

Answer: Maintain the property, ensure it remains adequately insured, and manage it prudently

A CPG must maintain vacant property in good condition, keep it properly insured, and manage it prudently to preserve the asset's value for the ward.

What is the 'estate account' in the context of a guardianship?

Answer: The formal accounting of all ward assets, income, expenditures, and liabilities

The estate account is the formal accounting document that tracks all ward assets, income, expenditures, and liabilities throughout the entire guardianship.