How Guardians Handle Money Matters and Why It’s Critical to Work With a Trusted Orlando Guardianship Attorney
Living and working here in Orlando, I’ve represented families throughout Orange County for decades as a Guardianship Attorney. I’ve seen firsthand how emotional and complicated these cases can be—especially when a loved one can no longer manage their own financial affairs. Whether you’re seeking guardianship to help a parent who’s developed dementia or you’ve been appointed as guardian for an adult with special needs, the responsibility is immense.
When someone is declared incapacitated, Florida law gives the guardian the legal authority—and obligation—to act in the ward’s best interest. One of the most sensitive and heavily monitored areas of guardianship is financial management. Missteps can lead to court intervention, personal liability, or disputes between family members. This is why it’s crucial to work with a knowledgeable Orlando Guardianship Attorney like myself.
If you have questions about becoming a guardian or believe a current guardian may be mismanaging someone’s assets, I encourage you to call my office at 1-888-640-2999 to schedule a consultation. I represent clients throughout Orange County, and I’m here to help both those seeking to protect a loved one and those who have been accused of mishandling finances and need defense.
What Is a Guardian’s Financial Role Under Florida Law?
Once the court appoints you as guardian of the property, you step into a fiduciary role. This means you’re legally and ethically bound to act in the ward’s best financial interest. Florida Statute § 744.361 outlines the duties of a guardian and places specific responsibilities on guardians of property, including the obligation to:
- Take possession of the ward’s property
- Properly manage and invest assets
- Use the assets exclusively for the benefit of the ward
- Keep accurate and complete records
- File annual accountings with the court
It doesn’t matter whether the ward is your adult child, aging parent, or someone you’ve never known before. Once the appointment is made, the law expects full compliance.
What Does It Mean to Act as a Fiduciary?
Fiduciary duty isn’t just a moral obligation—it’s a legal one. As a guardian, you cannot benefit from the ward’s property. You can’t co-mingle their assets with your own, and every dollar must be accounted for. I’ve seen people assume that being a parent or spouse gives them a certain level of latitude. That’s not how the court sees it.
Florida Statute § 744.446 specifically prohibits self-dealing or conflict of interest. If a guardian borrows money from the ward’s account, transfers property without court approval, or uses the ward’s assets inappropriately, the consequences are serious. The court can remove the guardian, order reimbursement, and even refer the matter to law enforcement.
Managing Income and Expenses: What’s Expected
As the guardian of property, you are responsible for collecting all sources of income—Social Security, pensions, investment income, business profits—and ensuring that bills are paid. You must establish a separate guardianship checking account, and every transaction must be traceable.
One of the most common problems I encounter is failing to maintain proper documentation. When I represent guardians, I make sure they understand their accounting duties right from the start. Every guardian in Florida must submit an Initial Inventory within 60 days of appointment under Fla. Stat. § 744.365(2), and then an annual accounting must follow under Fla. Stat. § 744.367.
This includes:
- A list of all assets owned by the ward
- Total income and expenditures
- A summary of any changes to the ward’s financial condition
- Bank statements and receipts for all transactions
The court reviews these documents closely. If anything is missing or unclear, it can delay proceedings or trigger an audit.
Investments and Property Management
Florida law allows guardians to invest the ward’s money, but only under a legal standard known as the “Prudent Investor Rule.” Florida Statute § 518.11 requires that you manage investments with reasonable care, skill, and caution. That means no risky stock picks, speculative ventures, or unverified crypto holdings.
If the ward owns rental properties, businesses, or valuable personal property, the guardian is expected to manage those responsibly. Sometimes, this involves hiring third-party professionals like realtors or financial advisors. Even then, the guardian must supervise those individuals and make sure their actions are in the ward’s best interest.
Selling the Ward’s Property
A guardian cannot sell real estate or valuable personal property without court approval. Florida Statute § 744.441(11) outlines that the court must first find the sale to be in the best interest of the ward. This is often a point of conflict within families. One sibling might believe the family home should be preserved; another sees it as a financial burden.
When I represent a guardian in this situation, I help gather the documentation and prepare the petition to demonstrate why the sale is necessary. When I represent someone opposing the sale, I make sure their voice is heard. Either way, the court relies heavily on legal advocacy to make its determination.
What Happens When Things Go Wrong
Mismanagement of a ward’s assets is a serious allegation. Whether you are a family member concerned about a guardian’s conduct or a guardian who’s been wrongly accused, you need legal counsel.
Florida Statute § 744.474 allows any interested person—including a relative or the ward themselves—to petition the court for removal of a guardian. The petition must include specific allegations and evidence of mismanagement, neglect, abuse, or conflict of interest.
I’ve helped clients on both sides of this issue. I’ve successfully petitioned to remove guardians who abused their authority. I’ve also defended guardians who were falsely accused by angry relatives. If you’re facing a contested guardianship matter, my role is to protect your rights and ensure the court hears the full story.
Limited vs. Plenary Guardianship and Financial Powers
It’s important to distinguish between limited and plenary guardianships. Under Florida Statute § 744.102(9), a plenary guardian has complete legal authority over the ward’s person and property. A limited guardian may only have authority over certain financial areas. This might be the case if the ward retains some decision-making ability.
In either case, the guardian must always seek the least restrictive alternative and encourage the ward’s independence as much as possible. Courts prefer to preserve personal autonomy, especially when partial capacity remains.
Why Work With Me as Your Orlando Guardianship Attorney
Guardianship law is highly procedural, and every step must be documented and submitted properly. When you work with me, you won’t have to figure this out on your own. I provide step-by-step support to guardians managing financial affairs and to those challenging improper conduct in court. Whether you’re petitioning for guardianship or dealing with a contested accounting, I’ll guide you with clarity and precision.
I’ve served clients throughout Orlando and across Orange County, Florida, in both uncontested and high-conflict guardianship matters. I take pride in ensuring that the ward’s rights and assets are protected and that legal guardians meet their responsibilities with dignity and care.
Contact Orlando Guardianship Attorney Beryl Thompson-McClary at 1-888-640-2999 For A Consultation
If you’re managing someone’s financial future or concerned about how your loved one’s assets are being handled, don’t try to handle it alone. Schedule a consultation with me today. I’m here to help you through this process with integrity and legal strength.
Frequently Asked Questions About Guardians Managing a Ward’s Finances
What authority does a financial guardian have in Florida?
A guardian of the property has full authority over the ward’s financial decisions unless the court limits that authority. This includes collecting income, paying bills, managing investments, and maintaining records. Everything must be documented and reported annually. The guardian must follow Florida’s Prudent Investor Rule and avoid any self-dealing.
Can a guardian use the ward’s money to pay for their own expenses?
No. A guardian cannot use the ward’s money for their personal benefit. All funds must be used exclusively for the ward’s benefit. Even if the guardian provides care, they must obtain court approval before reimbursing themselves. Violating this rule can lead to removal and financial penalties.
How often must a guardian file accountings in Florida?
A guardian must file an Initial Inventory within 60 days of appointment and submit an Annual Accounting every year after that. These filings must include a detailed list of income, expenditures, assets, and any changes in financial status. The court may require supporting documents such as bank statements, receipts, and valuation reports.
Can someone object to how a guardian is spending the ward’s money?
Yes. Any interested party—such as a family member—can file an objection or a petition for review. If the court finds evidence of misuse, it can order corrective measures, remove the guardian, or appoint a new one. If you believe funds are being misused, legal intervention is available.
Does the guardian need court permission to sell the ward’s home?
Yes. A guardian must file a petition and receive court approval before selling or transferring real estate. The court will evaluate whether the sale serves the ward’s best interest. Without that approval, the sale is invalid and could expose the guardian to legal consequences.
What if a guardian is accused of mismanaging the ward’s money?
They are entitled to defend themselves. Sometimes accusations are based on misunderstandings or family tensions. An experienced Orlando Guardianship Attorney can present accounting evidence, clarify disputed expenses, and protect your rights in court. If you’re facing these challenges, I can help you respond properly.
Can a guardian delegate financial responsibilities?
Only with court approval or within the scope of what’s considered routine, such as hiring a CPA or financial advisor. The guardian must still supervise the person they hire. Delegating final decisions or access to the ward’s funds without oversight could violate fiduciary duties.
Contact Orlando Guardianship Attorney Beryl Thompson-McClary at 1-888-640-2999 For A Consultation
If you’re managing someone’s financial future or concerned about how your loved one’s assets are being handled, don’t try to handle it alone. Schedule a consultation with me today. I’m here to help you through this process with integrity and legal strength.
