I work all night, I work all day, to pay the bills I have to
pay
Ain't it sad?
And still there never seems to be a single penny left for
me
That's too bad…
My colleague Rebecca Suggitt
previously blogged about the importance of keeping proper
accounts as an attorney or guardian of property. One of the reasons
she gave was that a guardian or attorney's compensation is
tied directly to the receipts and disbursements person under
guardianship or attorneyship (who will be referred to as the
“incapable person”).
Generally, the rule that applies to a guardian or
attorney's compensation is a charge of 3% on all receipts and
disbursements in the guardianship or attorneyship accounts, per the
regulations under the Substitute Decisions Act, 1992.
(For simplicity, I will use the term “fiduciary” to
mean “guardian” or “attorney” for the
remainder of this blog, but be aware that “fiduciary”
is a broader term that is not limited to guardians or
attorneys.)
