How to Prepare Financially If You’re Suddenly Appointed As A Guardian In South Carolina

In this article, you can discover…

• The financial responsibilities of a legal guardian in South Carolina.
• How to keep records of expenses and income related to guardianship.
• How an attorney can help you prepare for guardianship legally and financially.

What Are The Financial Responsibilities Of A Guardian In South Carolina?

A guardian in South Carolina is a person appointed over the care of a person in need (also known as a ward). They’re given responsibility for the ward’s day-to-day care, meals, housing, and overall well-being.

The guardian has no financial responsibility for a ward’s obligations (such as a ward’s personal debts), nor is a guardian required to use their own money to care for their ward. Instead, the obligation of a guardian is simply to use the ward’s funds wisely for their care.

How Should I Keep Records Of Expenses And Income Related To Guardianship?

As a guardian, you must keep excellent records, the kind of records that could easily be displayed in a spreadsheet and shared if needed.

You can use QuickBooks or any other type of accounting software for this purpose. You should keep your ward’s assets in a separate bank account and keep all bank statements, as you will have to report to a judge at least once (if not twice a year) on every penny you spend as a guardian.

Can I Be Compensated For My Time And Expenses As A Guardian?

Yes, you can be compensated financially, though this is not automatic. A judge would have to approve any compensation you receive and any expenditures you made for the guarded person.

If you wish to be compensated for your time, a judge would similarly have to approve that, as well.

What Financial Documents Do I Need To Gather After I’m Appointed Guardian?

You will need to keep all bills and receipts for anything you spend. You must also denote the purpose of the expenditure and explain what it was for. You should also keep all bank statements for the times that you have spent money on your ward.

How Can An Attorney Help Me Stay Compliant With My Financial Duties?

Your attorney can help you make sure that anything you plan to spend is a legitimate expenditure. Not everything will be approved by the court, so your lawyer can help you make sure that your expenses are permitted. Your attorney can also look at your books each month to make sure you’re keeping good records and staying in compliance with your duties.

Still Have Questions? Ready To Get Started?

For more information on guardianship responsibilities in South Carolina, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.