A legal guardian is a person who is put in charge of caring for and making decisions on behalf of another person (referred to as a ward). A ward can be a minor or an incapacitated adult who is incapable of caring for themselves or making decisions related to their medical care. The guardian can be thought of as a stand-in parent, responsible for providing well-rounded education, healthcare and mental health, healthy living arrangements, social engagements, assistance with bills, emotional support, spiritual needs, etc. The guardian can be another family member or a professional guardian that is appointed by the courts.
Because this responsibility can be quite costly and time consuming, legal guardians are entitled to receive reasonable compensation to help cover the costs of caring for another human being. (Family members often do not request compensation.)
The Colorado Probate Code states that any compensation paid to a fiduciary, including a Guardian, must be reasonable. There are a series of factors to be determined under the statute when it comes to arriving at a reasonable figure including any “special skills” that the fiduciary has that aid in the efficient administration of the estate. These special skills can include the fiduciaries’ educational background and job history. The statute does not set specific dollar amounts.
If a minor child’s parents are still living, any income the parents make can be used to help support the minor child. Likewise, if an adult ward has any assets of their own, any income or interest earned by that ward can be used to help pay for living expenses and medical care.
It is best to contact a guardianship lawyer in Colorado to learn what resources are available to provide financial support for this important role. You can also learn about the various Colorado guardianship forms that should be filled out to handle any type of situation. To learn more about estate planning and guardianship in Denver, contact Brown & Crona, LLC to arrange an appointment: (303) 339-3750 or visit our website.