If you are appointed as a guardian for a person and the person’s property, you are eligible to be paid and to be reimbursed for “reasonable” expenses.
A reader of nj.com wanted to know whether or not people who serve as court-appointed guardians are paid. The answer is explained in the article, “Can a court-appointed guardian get paid?” There are two roles discussed in the article: the court-appointed guardian of the person and the court-appointed guardian of the person’s property. They are not always the same person. Guardians are permitted to be paid a fee or commission for services, along with reasonable reimbursement of expenses that may be incurred.
If two individuals are appointed as guardians, one as the guardian of the person and the other for the property, the fees for services to be paid to the guardian of the person must be agreed upon by the guardian of the property.
The guardian of the property will then have to give the judge an accounting of all disbursements made from the ward's funds. This includes the fees paid to the guardian of the person.
For example, the New Jersey statute sets the fees in the form of commissions to be paid to the guardian of the property. This is based upon the amounts of the principal and income, which the guardian is responsible for on behalf of the ward.
A 6% commission may be taken on all income received by the guardian. Commissions may also be taken in the amount of $5 per $1,000 of principal on the first $400,000, and $3 per $1,000 of principal more than $400,000.
There’s a minimum commission of $100 allowed annually, regardless of the value of the principal.
If there are two guardians, the New Jersey statute states that a one-fifth increase in the principal commission is permitted.
If the guardian makes an application to the court, a request can be made for a greater amount than what’s in the statute on a showing of unusual or extraordinary services.
A guardian should keep a careful record of all expenses and get receipts for everything. If there are any questions about the expenses, they will need to have proof. Those questions probably won’t come up, until after the guardian’s report is filed. In most situations, the court requires an annual accounting.
Reference: nj.com (April 13, 2018) “Can a court-appointed guardian get paid?”