Delaware Code Title 12 Sec. 3921 – Powers and duties of guardian; general
(a) A guardian shall have either the care of the person or the possession and management of all the property of the person with a disability or both the care of the person and the possession and management of the property, except to the extent the Court of Chancery may otherwise direct.
Terms Used In Delaware Code Title 12 Sec. 3921
- Court: means the Court of Chancery. See Delaware Code Title 12 Sec. 39A-101
- Executor: A male person named in a will to carry out the decedent
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Guardian: is a "guardian of the person" as that term is used in this title. See Delaware Code Title 12 Sec. 39A-101
- Trustee: A person or institution holding and administering property in trust.
(b) Every guardian of the property shall file with the Court within 30 days after appointment a verified inventory of the property of the person with a disability with respect to which the guardian acts. Said inventory shall include the fair market value of all property of which the guardian has knowledge after diligent inquiry. If, after filing an inventory, a guardian shall acquire or discover other such property not described therein, except property received from the executor to be paid by a trustee pursuant to § 3525 [repealed] of this title, the guardian shall file a verified supplemental inventory describing such property within 30 days after acquiring or discovering such property.
(c) The guardian of the property shall, in the name of the person with a disability, do whatever is necessary for the care, preservation and increase of the property of the person with a disability, and shall invest the property in accordance with Chapter 33 of this title, unless investments are restricted by the Court.
(d) The guardian may petition the Court for instructions concerning the guardian’s fiduciary responsibility.
(e) The guardian may employ, retain or consult accountants, investment counsel, attorneys-at-law and other professional advisers and pay their reasonable fees and expenses.
Code 1852, §§ ?1492-1494; Code 1915, § ?3090; 30 Del. Laws, c. 202, § ?1; Code 1935, § ?80; 43 Del. Laws, c. 208, § ?1; 12 Del. C. 1953, § ?3921; 56 Del. Laws, c. 321; 57 Del. Laws, c. 402, § ?3; 69 Del. Laws, c. 109, § ?2; 70 Del Laws, c. 186,, § ?1; 78 Del. Laws, c. 179, § ?100;