Prudent Person Rule In Nursing
such litigation.
Any judgments in favor of the patient shall become the property of the patient without the necessity of assignment by the guardian. In addition, the guardian may receive payment and satisfy judgments on behalf of the patient without joinder by the patient. The guardian should consult with advisors; e.g., stockbrokers, realtors, or accountants for each case.
Before instituting any substantial financial transaction on the patient's behalf, the guardian should always consult with the attorney of record and the court.
ABUSE OF POWER
Guardians, as a direct result of their responsibilities for carrying out the tasks and duties to the patient, hold significant power with respect to the direction, control, and independence of …show more content…
PRUDENT PERSON
The Prudent Person Rule refers to the duty of the guardian to act in the Best Interest of the patient in making decisions related to the patient’s property. §744.361, F.S. states “the guardian shall observe the standards in dealing with the guardianship property that would be observed by a prudent person dealing with the property of another, and, if the guardian has special skills or is named guardian on the basis of representations of special skills or expertise, he or she is under a duty to use those skills.”
Florida has adopted the prudent investor rule into various statutes. §518.11, F.S. concerning investments by fiduciaries states: “The fiduciary has a duty to invest and manage investment assets as a prudent investor would, considering the purposes, terms, distribution requirements, and other circumstances of the trust.”
A prudent investor considers each investment as part of an overall portfolio rather than a specific individual …show more content…
The guardian shall weigh the risks and benefits and develop a balance between maximizing the independence and self-determination of the patient and maintaining the patient's protection and safety. In order to apply the Least Restrictive Alternative standard in practice, the guardian should become familiar with various residences, health-care, medical treatment, training options, consider preferences, and seek independent assessments of the patient by
Any judgments in favor of the patient shall become the property of the patient without the necessity of assignment by the guardian. In addition, the guardian may receive payment and satisfy judgments on behalf of the patient without joinder by the patient. The guardian should consult with advisors; e.g., stockbrokers, realtors, or accountants for each case.
Before instituting any substantial financial transaction on the patient's behalf, the guardian should always consult with the attorney of record and the court.
ABUSE OF POWER
Guardians, as a direct result of their responsibilities for carrying out the tasks and duties to the patient, hold significant power with respect to the direction, control, and independence of …show more content…
PRUDENT PERSON
The Prudent Person Rule refers to the duty of the guardian to act in the Best Interest of the patient in making decisions related to the patient’s property. §744.361, F.S. states “the guardian shall observe the standards in dealing with the guardianship property that would be observed by a prudent person dealing with the property of another, and, if the guardian has special skills or is named guardian on the basis of representations of special skills or expertise, he or she is under a duty to use those skills.”
Florida has adopted the prudent investor rule into various statutes. §518.11, F.S. concerning investments by fiduciaries states: “The fiduciary has a duty to invest and manage investment assets as a prudent investor would, considering the purposes, terms, distribution requirements, and other circumstances of the trust.”
A prudent investor considers each investment as part of an overall portfolio rather than a specific individual …show more content…
The guardian shall weigh the risks and benefits and develop a balance between maximizing the independence and self-determination of the patient and maintaining the patient's protection and safety. In order to apply the Least Restrictive Alternative standard in practice, the guardian should become familiar with various residences, health-care, medical treatment, training options, consider preferences, and seek independent assessments of the patient by