CPG Property and Asset Management Flashcards

What role does the court play in overseeing a CPG's management of a ward's assets?

Answer: The court reviews accountings and authorizes major transactions to protect the ward's interests

Courts review guardianship accountings and must authorize major transactions, providing essential oversight to ensure the ward's financial interests are consistently protected.

For how long should a CPG retain financial records and receipts for a ward's estate?

Answer: As long as required by state law and court rules, typically several years after guardianship terminates

Financial records must be retained as long as required by state law and applicable court rules, typically for several years following the termination of guardianship.

Which of the following represents an appropriate use of a ward's funds by a CPG?

Answer: Paying for the ward's housing, healthcare, and personal daily needs

A CPG may only use ward funds for the ward's legitimate needs, including housing, healthcare, and essential personal necessities.

When a CPG sells a ward's real property, the proceeds must be:

Answer: Deposited into the ward's estate account and the transaction reported to the court

All proceeds from the sale of a ward's property must be deposited into the ward's estate account and the transaction must be formally reported to the court.

Why is a surety bond (guardian bond) often required of a professional guardian managing a ward's estate?

Answer: To protect the ward against financial loss resulting from the guardian's dishonesty or mismanagement

A surety bond protects the ward against financial loss caused by the guardian's dishonesty or mismanagement of the estate, serving as an important financial safeguard.

If a CPG discovers that a ward's property was mismanaged prior to the establishment of guardianship, what is the correct course of action?

Answer: Document the findings thoroughly and report them to the court, potentially pursuing legal remedies

Prior mismanagement of ward property must be documented and reported to the court, which may then direct the CPG to pursue legal remedies to recover the ward's losses.