From The Law Office of Whitney L. Thompson, PLLC – Guardianship Bank Account Rules dives into the financial account regulations and responsibilities when serving as a guardian of the estate in Texas. This article unpacks the statutory obligations, procedural steps, and risks involved in handling a ward’s finances.
In the opening section, the article explains the distinction between guardianship of the person and guardianship of the estate, clarifying when a guardianship bank account is required. It outlines how such accounts must remain separate from personal funds, and how funds in the account may only be used for the ward’s benefit.
Subsequent sections explore the guardian’s fiduciary duty, detailing what it means to act in the ward’s best interest, the necessity of careful asset management, and maintaining thorough records and compliance with court orders. The article also presents a clear “Dos and Don’ts” list — for example, you must never treat the ward’s funds as your own, and you must secure court approval for major financial actions.
Finally, the piece discusses the consequences of mismanagement or fraud, including legal liability, removal of a guardian, and audits by the court. It closes by introducing how The Law Office of Whitney L. Thompson, PLLC supports guardianship clients in Houston and Bay City, helping them navigate these rules and uphold their duties responsibly.
The Law Office of Whitney L. Thompson, PLLC
4201 Farm to Market 1960 Rd W Suite 360, Houston, TX 77068, United States
(281) 214-0173
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