Connecticut General Statutes 45a-634 – Inventory of ward’s property by guardian of estate
(a) Each guardian of an estate appointed by a court of probate shall make and file in the court appointing or approving such guardian, under penalty of false statement within two months after the acceptance by the guardian of the trust, an inventory of all the property belonging to such guardian’s ward, appraised, or caused to be appraised, by such guardian, at fair market value as of the date of his or her appointment. Such inventory shall include the value of the ward’s interest in all property in which the ward has a legal or equitable present interest, including, but not limited to, the ward’s interest in any joint bank accounts or other jointly held property.
Terms Used In Connecticut General Statutes 45a-634
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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.
- 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.
- Probate: Proving a will
(b) Any guardian who fails to return the inventory to the court within that time shall be fined not more than twenty dollars.