What documentation must a guardian maintain for financial transactions?

A guardian is responsible for managing the financial affairs of their ward and must maintain comprehensive documentation to ensure transparency and accountability in their financial transactions. This documentation typically includes receipts, ledgers, reports, and proof of expenditures directly related to the ward’s care.

Recording receipts allows the guardian to demonstrate that funds were spent appropriately and in the best interests of the ward. Ledgers provide a systematic way of tracking income and expenses, ensuring that all transactions are accounted for. Reports can summarize financial activity and give an overview of the ward's financial status over time, which can be essential during court reviews or audits. Overall, maintaining thorough and accurate records is crucial not only for legal compliance but also to protect the welfare of the ward.

Other options lack the necessary depth of documentation required for responsible guardianship. Simply keeping bank statements does not offer sufficient detail regarding how funds are allocated or spent. Claiming that no documentation is required undermines the responsibility of the guardian and can lead to financial mismanagement. Lastly, maintaining documents related to previous guardianships is generally not pertinent to the current guardian's financial obligations and can divert attention from the current ward's needs.