Understanding the Legal Authority of Guardians in Financial Matters Under Florida Law
If you’re facing a guardianship matter in Orlando—whether you’re seeking to protect a vulnerable loved one or you’ve been appointed as a guardian and want to understand your financial responsibilities—you’re not alone. I’m Beryl Thompson-McClary, a Guardianship Attorney in Orlando, and I’ve helped families throughout Orange County navigate these complicated and often emotional cases. One of the most important—and frequently misunderstood—questions I’m asked is whether a guardian has the legal right to access a ward’s bank accounts, brokerage portfolios, and other financial assets.
It’s a fair question. Whether you’re trying to ensure your family member is properly cared for, or you’re concerned about potential financial abuse, understanding what Florida law allows (and what it prohibits) is essential. I handle these cases throughout Orange County, and if you’re dealing with this issue, I encourage you to call my office at 1-888-640-2999 to schedule a consultation and discuss your specific situation.
Let’s walk through how Florida handles this issue—and what it could mean for your case.
What Does Florida Law Say About Guardian Control of Finances?
In Florida, guardianship is governed primarily by Chapter 744 of the Florida Statutes, also known as the Florida Guardianship Law. This law clearly defines the powers and duties of a guardian, particularly regarding a ward’s property and financial rights.
When someone is deemed incapacitated by a Florida court, the judge may appoint either a guardian of the person, a guardian of the property, or a plenary guardian (who has control over both). For financial matters—including accessing bank accounts, managing investments, paying bills, and making financial decisions—a person must be appointed as a guardian of the property or as a plenary guardian.
Under Fla. Stat. § 744.361, guardians are fiduciaries. This means they are held to the highest standard of care when handling another person’s money. They must act in the ward’s best interest at all times and avoid any conflicts of interest.
Yes, Guardians Can Access a Ward’s Bank Accounts—But Only With Court Authority
If you’ve been legally appointed as guardian of the property by a Florida court, you do have the ability to access the ward’s financial accounts. But that power doesn’t mean you can do whatever you want, whenever you want.
Before gaining access to the ward’s assets, a guardian must:
- Be formally appointed and bonded (if required by the court)
- File an Initial Inventory of all known assets under Fla. Stat. § 744.365
- Receive court approval for significant financial transactions
- Keep detailed records and submit annual accountings under Fla. Stat. § 744.367
So yes—once appointed, you can access checking accounts, savings accounts, investment portfolios, retirement accounts, and other assets. But every dollar you move, spend, or invest must serve the ward’s needs—and every major transaction may need court permission.
What About Joint Accounts or Family-Owned Businesses?
These situations can create legal complications.
For example, let’s say the ward has a joint checking account with an adult child, business partner, or spouse. As guardian of the property, your access to that account depends on several factors, including how the account is titled and whether the other account holder is contributing or withdrawing funds.
If the ward is a majority owner of a business or investment entity, the guardian may be required to step into that role on the ward’s behalf. Under Fla. Stat. § 744.441, a guardian may also seek court approval to:
- Operate or terminate businesses
- Manage or sell real property
- Invest the ward’s funds
- Enter into contracts
Again, these actions aren’t automatic. You must file the appropriate petitions and receive the judge’s permission.
What If You’re Concerned About a Guardian Misusing Funds?
I regularly represent both guardians and concerned family members. If you’re worried that a guardian is abusing their authority—maybe draining the ward’s accounts, making suspicious purchases, or failing to file accountings—the law gives you ways to act.
Under Fla. Stat. § 744.474, an interested party can petition the court to review a guardian’s conduct, request an audit, or even seek removal of the guardian if there’s evidence of misconduct. Florida courts take these accusations seriously.
As an Orlando Guardianship Attorney, I’ve handled cases where relatives suspected that financial abuse was occurring, and I’ve taken swift action to bring the matter before the court. On the other side, I’ve also defended honest guardians who were falsely accused and needed legal support to clear their name.
Limits on Guardian Access to Investments and Trusts
It’s important to distinguish between assets owned directly by the ward and those held in other vehicles, such as:
- Revocable or irrevocable trusts
- Joint tenancy accounts with survivorship rights
- Payable-on-death (POD) or transfer-on-death (TOD) accounts
- Property held in business entities
Unless those assets are titled directly in the ward’s name, the guardian may not have access. If the ward is a trust beneficiary, for example, the guardian may have limited influence over distributions and cannot unilaterally control trust management unless appointed as trustee.
This is where my legal role becomes critical. Whether you’re a guardian trying to understand your authority or a family member questioning how money is being managed, the specific legal structure of the assets determines what can and cannot be done.
Fiduciary Duty and Court Supervision
Florida’s guardianship system is not designed to give someone unchecked control. Guardianship is a heavily supervised legal arrangement. That means the court will review:
- All significant financial decisions
- Annual reports and accounting statements
- Any transactions involving real property, gifts, or asset sales
Guardians are also required to post a bond or provide other security in many cases to protect the ward’s estate. Violating fiduciary duties can result in personal liability and even criminal charges under Florida law.
Why It Matters to Work With the Right Attorney
As an Orlando Guardianship Attorney, I represent clients on both sides of this issue—guardians who want to do the right thing and families who are trying to protect their loved one’s assets. I know how important it is to keep financial guardianship focused on the needs and best interests of the ward. These cases are personal, and they require more than just legal knowledge—they require care, strategy, and experience.
If you have questions about accessing or protecting a ward’s financial accounts, call my office at 1-888-640-2999 to schedule a consultation. I handle guardianship cases throughout Orange County, and I’ll give you clear answers about your rights, your risks, and your options.
Florida Guardianship Frequently Asked Questions
Can a guardian open a new bank account for the ward in Florida?
Yes. If you are appointed as a guardian of the property, you may open a guardianship-designated bank account in the ward’s name. However, you’ll need to ensure it complies with court directives and that any funds deposited are accounted for in your required reports. The account must be used only for the ward’s benefit.
What happens if the ward already has automatic withdrawals or bill payments set up?
As the guardian, you should evaluate all automatic transactions and determine if they are still appropriate. You have the authority to cancel or modify them, but if the transaction involves a contractual obligation or significant funds, court approval might be required. It’s critical to document every change and notify the court in your annual report.
Can the guardian give gifts or donations using the ward’s funds?
Generally, no. Under Fla. Stat. § 744.441, guardians must obtain court approval to make gifts. The court will only approve such requests if the gift aligns with the ward’s past history of giving and financial capacity. Unauthorized gifts may be seen as self-dealing or breach of fiduciary duty.
What if the guardian uses the ward’s money for personal expenses?
This is a serious violation of fiduciary responsibility. If someone believes a guardian is misusing funds, they can file a petition to review the guardian’s conduct under Fla. Stat. § 744.474. If misuse is proven, the guardian can be removed, required to repay the money, and may even face criminal charges.
How do I monitor a guardian’s access to my parent’s finances?
As an interested party (such as an adult child or family member), you have the right to request copies of annual accountings. You can also petition the court if you suspect mismanagement. The court has the authority to audit and review all financial activity conducted by the guardian.
Can the ward ever regain control over their accounts?
Yes. If the ward’s condition improves, they can petition the court to restore their rights. The court will review medical evaluations and other evidence to determine if the ward is capable of managing their finances again. Restoration of rights is a formal legal process.
Is court approval always needed before spending the ward’s money?
Not always, but it depends on the type of expense. Routine expenses (housing, utilities, medical care) typically do not require prior approval, but large purchases, gifts, real estate transactions, and investments generally do. Each case may vary, so it’s best to consult with your attorney.
Does the guardian get paid for managing the ward’s finances?
Yes, but any compensation must be approved by the court and must be reasonable. The guardian may also be reimbursed for out-of-pocket expenses, but only if those expenses directly benefited the ward and were properly documented and submitted to the court for approval.
Contact Orlando Guardianship Attorney Beryl Thompson-McClary at 1-888-640-2999 For A Consultation.
If you are seeking legal guidance on whether a guardian can access a loved one’s bank accounts and investments—or if you’re a guardian needing clarity on your responsibilities—I encourage you to get the advice you need from someone who understands both sides of Florida’s guardianship law.
Let’s make sure your rights—and your loved one’s well-being—are protected.
