Maryland law provides that a guardian of the property shall be appointed when a person is unable to manage his or her property and affairs effectively because of :
- Physical or mental disability
- Habitual drunkenness
- Addiction to drugs,
- Compulsory hospitalization
- Detention by a foreign power
- Disappearance and the person has or may be entitled to property or benefits which require proper management (Estates and Trusts 13-201(c))
After appointment, the guardian is required to open a guardianship bank account for the deposit of income, and monies that might be held in other bank accounts. Depending on the value of those funds, more than one account might be required. Other assets of the alleged disabled person should also be titled to indicate that they are under guardianship.
Initial Inventory of Assets & Information Report
Within 60 days after appointment, a guardian of the property must file an Initial Inventory of assets and Information Reports detailing the disabled person's assets and their value as of the date of the guardian's appointment.
Unless the Court orders otherwise, employing an appraiser to determine valuations is not required.
After reviewing the assets, the Court may require the guardian to post a bond and/or place the disabled person's monetary assets in a restricted bank account.