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Top Three Tips To Be Prepared For A Passing of Accounts

couple-meeting-lawyer-advisor-planner-smlLast week’s blogpost explored two questions I am often asked by individuals who have been appointed guardian of property for an incapable person: (1) what is a ‘passing of accounts’?; and, (2) how does the Office of the Public Guardian and Trustee (OPGT) get involved?

Here are my top three tips to help a guardian of property be fully prepared for a passing of accounts which is the process of having a court review and approve what the guardian has done with an incapable person’s assets.

1. Document Everything.

To be fully prepared for a passing of accounts, detailed notes and extensive documentation, receipts, etc. are essential.  In addition, I recommend that a guardian record every decision made and every action taken with respect to the assets of an incapable person that the guardian controls.  A guardian of property needs to be prepared to answer questions about anything relating to the finances of the incapable person.

2. Review Regularly.

I recommend that a guardian of property regularly review his or her notes and documentation on a regular basis. In particular, the guardian will want to be sure there is enough detail to be able to recall the decisions that were made, why they were made, who was consulted, what advice was received, and what action was taken at the time and why. It is much easier to do this while the information is fresh rather than trying to recall the specifics of a certain decision months down the road when preparing for a passing of accounts.

3. Don’t Go It Alone.

The job of a guardian of property is one that comes with huge responsibility. As early on as possible, a guardian of property should get the advice of a qualified professional who can explain a guardian’s duties and responsibilities and can offer practical tips to make sure the guardian of property is prepared for a passing of accounts. The professional’s fees may be payable from the assets of the incapable person.

Are you acting as a guardian of property and want to be sure you are doing the job properly? Call 613.836.9915 or email to make an appointment to meet with me at my law office in the Kanata-Stittsville area of Ottawa. We will review your duties and responsibilities as a guardian of property to help you make sure the job goes as smoothly as possible.

Reproduction of this blog is permitted if the author is credited.  If you have questions or if you would like more information, please call us at 613 836-9915. This blog is not intended to be legal advice but contains general information.  Please consult a lawyer or other professional to determine how the information in this blog might apply to you.

Blog posts pre-dated December 1, 2015 were originally published under Neff Law Office Professional Corporation.

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