Titling of Assets & Reimbursement of Guardianship Expenses

Titling of Assets Under Guardianship

Guardianship assets that include bank accounts, savings and loan association or other financial institution accounts, and tangible personal assets and intangible assets other than securities are to be titled in the name of the guardian as guardian for the disabled person or minor: (Guardian’s name), Guardian for (name of the disabled person or minor).

Securities held by the guardian are to be titled in the name of the guardian or in the name of a nominee or in other form without disclosure of the interest of the fiduciary estate (Maryland Rule 10-704(a)(2)). Securities in the name of the disabled person and that the guardian has physical possession of may be retained in the name of the disabled person.

Real estate does not need to be titled in the name of the guardian if the real property is located in Montgomery County or a copy of the Order appointing the guardian has been filed in Land Records in the jurisdiction where the property is located. (Maryland Rule 10-704).

Reimbursement of Guardianship Expenses

A guardian of the property pursuant to Annotated Code of Maryland, Estates and Trusts Article § 13-218 and § 14.5-708 is entitled to the same compensation and reimbursement of actual and necessary expenses as the trustee of a trust. The commissions are payable to the guardian of the property from the guardianship estate after the Annual Fiduciary Report, which includes a worksheet for the calculation of the commissions earned, has been examined by the Trust Clerk and an Order has been signed approving the Annual Fiduciary Report and, if applicable, stating the revised amount of the guardian’s commissions earned.

The guardian may require the assistance of a tax adviser concerning the income tax implications including reporting requirements such as Form 1099 Misc., which may be applicable concerning the guardian's commissions earned and paid.