Duties of a Guardian in Guardianship Arrangements

D

The correct answer is (B) All of these.

Guardianship arrangements are put in place to protect the interests of individuals who cannot make decisions for themselves due to incapacity, disability, or age. The guardian is appointed by the court and has the legal authority and responsibility to manage the affairs of the ward.

The duties of a guardian are similar to those of a trustee in that both are fiduciaries with a duty to act in the best interests of the person for whom they are responsible. The specific duties of a guardian in a guardianship arrangement are:

1. Protect and preserve the assets: The guardian is obligated to protect and preserve the ward's assets from waste, loss, or damage. This means that the guardian must act prudently and with care in managing the assets.

2. Submit an inventory and appraisal to the court: The guardian must submit an inventory of all the assets and a valuation of each asset to the court within a specified period after being appointed.

3. Retain or divest assets: Depending on the circumstances, the guardian may need to retain or divest certain assets. For example, if the ward is in need of cash to pay for medical expenses, the guardian may need to sell some assets to raise the necessary funds.

4. Use principal and income for the benefit of the ward: The guardian has a duty to use the ward's assets for the ward's benefit, which includes providing for the ward's current needs and preserving assets for the ward's future needs.

5. Submit an annual accounting to the court: The guardian must submit an annual accounting to the court detailing all transactions related to the management of the ward's assets.

Therefore, all of the duties mentioned in the question are obligations of a guardian in a guardianship arrangement, and the correct answer is (B) All of these.