At some point in time, it is possible that a Colorado resident will no longer be able to make legal decisions. When this happens, it is often necessary for a guardianship relationship to be established. This relationship can have been established by the individual through the estate planning process, or it may be necessary for a court to appoint a guardian.
Regardless of how the relationship is established, the guardian is responsible for handling the legal affairs of the individual. One of the first things the guardian will want to do is locate the various legal documents pertaining to the individual and his or her medical, financial and legal affairs. These documents will be crucial in managing the individual’s legal affairs and making informed decisions on behalf of the individual.
The guardian will want to retain evidence of how he or she manages the individual’s finances. Medical insurance paperwork and invoices related to medical care are necessary to be certain of the individual’s insurance coverage and which medical bills require payment. In addition, receipt for personal necessities such as food, clothing and other living expenses should be retained. Additionally, the guardian will want documents relating to the individual’s investment and bank accounts as well as those involving ownership of real property.
The guardianship relationship is an important one in the life of an aging Colorado resident. This individual is entrusted with a number of aspects that affect the individual and his or her well-being. Those who have been entrusted with such a responsibility or those who may one day need a guardian can benefit by discussing the situation with experienced legal counsel.
Source: family.findlaw.com, “Being A Guardian: Documents To Gather“, Dec. 4, 2017