Guardians Acknowledgment Of Duties And Responsibilities Of The Estate Child

251 2018 Nevada Supreme Court Page 1 of 8 226 Guardian222s Acknowledgment (Minor 226 Estate) COURT CODE: Your Name: Address: City, State, Zip: Phone: Email: Self-Represented DISTRICT COURT COUNTY, NEVADA In the Matter of the Guardianship of the: Estate Person and Estate of: (name of child who has a guardian) A Protected Minor.CASE NO.: DEPT: GUARDIAN222S ACKNOWLEDGMENT OF DUTIES AND RESPONSIBILITIES OF A GUARDIAN OF THE ESTATE (MINOR) I hereby declare that I understand there are certain duties and responsibilities required of me in the administration of the above guardianship. By initialing each item below I understand my guardianship duties and responsibilities include, but are not limited to the following: A.Duties and FunctionsI acknowledge and understand that the duties and functions of a guardian are as follows: To protect, preserve, and manage the income, assets, and estate of the Protected Minorand utilize the income, assets, and estate of the Protected Minor solely for the benefit of the Protected Minor. To protect, preserve, manage, and dispose of the estate of the Protected Minor according to law and for the best interests of the Protected Minor. American LegalNet, Inc. www.FormsWorkFlow.com 251 2018 Nevada Supreme Court Page 2 of 8 226 Guardian222s Acknowledgment (Minor 226 Estate) To apply the estate of the Protected Minor for the proper care, maintenance, education, and support of the Protected Minor, and any person to whom the Protected Minor has a legal obligation to support. To have due regard for other income or property available to support the Protected Minor and any person to whom the Protected Minor has a legal obligation to support. To have such other authority and perform such other duties as are provided by law. To maintain the Protected Minor222s assets in the name of the Protected Minor or the guardianship. To notify all interested parties, the Court, the trustee, and named executor or appointed personal representative of the estate of the Protected Minor within 30 days after the death of the Protected Minor. B. Investing and Managing Protected Minor222s Estate I acknowledge and understand that the following rules govern the manner in which the Protected Minor222s separate property shall be managed and invested: I may not utilize any guardianship funds for my personal benefit or commingle guardianship funds with my own funds. I may, without prior approval of the Court, invest the Protected Minor222s property in any (1) bank credit union, or savings and loan institution in the State of Nevada to the extent that the deposits are insured by the Federal Deposit Insurance Corporation, National Credit Union Share Insurance Fund, or a private insurer; (2) interest bearing obligations of or fully guaranteed by the United States, the United States Postal Service, or Federal National Mortgage Association; (3) interest bearing general obligations of this state or American LegalNet, Inc. www.FormsWorkFlow.com 251 2018 Nevada Supreme Court Page 3 of 8 226 Guardian222s Acknowledgment (Minor 226 Estate) any county, city, or school district in the State of Nevada; (4) or any money market mutual funds which are invested only in those instruments described in this paragraph. C. Court Authority I acknowledge and understand court authority must be obtained prior to: Investing property of the Protected Minor. Continuing the business of the Protected Minor. Borrowing money for the Protected Minor. Entering into contracts for the Protected Minor or complete the performance of contracts of the Protected Minor. Making gifts from the Protected Minor222s estate or making expenditures for the Protected Minor222s relatives. Selling, leasing, or placing in a trust, any property of the Protected Minor. Exchanging or partitioning the Protected Minor222s property. Releasing the power of the Protected Minor as trustee, personal representative or custodian for a minor or guardian. Exercising or releasing the power of the Protected Minor as a donee of a power of appointment. Exercising the right of the Protected Minor to take under or against a will. Transferring to a trust created by the Protected Minor, any property unintentionally omitted from the trust. Submitting a revocable trust to the jurisdiction of the Court if the Protected Minor is the grantor and sole beneficiary of the income of the trust, or the trust was created by the Court. American LegalNet, Inc. www.FormsWorkFlow.com 251 2018 Nevada Supreme Court Page 4 of 8 226 Guardian222s Acknowledgment (Minor 226 Estate) Paying any claim by the Department of Health and Human Services to recover benefits for Medicaid correctly paid to or on the behalf of the Protected Minor. Transferring money in a Protected Minor222s account to the Nevada Higher Education Prepaid Tuition Trust Fund. To take any other action which the guardian deems would be in the best interests of the Protected Minor, without having prior consent from this Court. D. Selling Property of the Protected Minor 1. I acknowledge and understand all sales of real property of the Protected Minor must be: Reported to the Court prior to the sale. Confirmed by the Court prior to finalizing the sell with the prospective buyer. 2. I acknowledge and understand: I may sell personal property of the Protected Minor without notice to the Court if: The property will depreciate in value if not disposed of promptly. The property will incur loss or expense by being kept. I am responsible for the actual value of the personal property unless I obtain confirmation of the sale by the Court. 3. I acknowledge and understand I may sell any security of the Protected Minor if: I petition the Court for confirmation of the sale. The Court confirms the sale. 4. I acknowledge and understand: I shall record all certified copies of any court order authorizing the sale, mortgage, lease, surrender, or conveyance of real property in the county recorder222s office in which any American LegalNet, Inc. www.FormsWorkFlow.com 251 2018 Nevada Supreme Court Page 5 of 8 226 Guardian222s Acknowledgment (Minor 226 Estate) portion of the land is located. I am to carry out effectively any transactions affecting the Protected Minor222s property. The Court may authorize me to execute any promissory note, mortgage, deed of trust, deed, lease, security agreement, or other legal document or instrument which is reasonably necessary to carry out such transaction. E. Notices and Reports I acknowledge and understand that in addition to the performance of the duties outlined above, the following will be required of me: Within 5 days of being appointed guardian, a Notice of Entry of Order Appointing Guardian must be filed and mailed to the Protected Minor and all individuals entitled to notice. Within 60 days of being appointed guardian of the estate, an Inventory, Appraisal, and Report of Value must be filed with the Court for all known property of the Protected Minor. Within 30 days of discovering property not mentioned in the initial inventory, an amended inventory must be filed with the Court. Within 60 days of being appointed guardian of the estate, a certified copy of the Letters of Guardianship must be recorded in the county recorder222s office of any county where the Protected Minor possesses real property. Annually, within 60 days of the anniversary of the appointment of guardianship, an Annual Account of Guardianship must be filed to update the Court on the status of the Protected Minor222s Estate, and served on all interested parties. At any time the Court orders, an Inventory, Appraisal, and Report of Value and/or an Annual Account of Guardianship must be filed. American LegalNet, Inc. www.FormsWorkFlow.com 251 2018 Nevada Supreme Court Page 6 of 8 226 Guardian222s Acknowledgment (Minor 226 Estate) F. Miscellaneous I acknowledge and understand the following: It is my responsibility to accurately keep all records and file all reports with the Court regarding the finances of the Protected Minor. It is my responsibility to maintain all records and documents for the guardianship of the Protected Minor222s estate for 7 years after the Court terminates the guardianship. It is my