How to Be a Conservator

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Want to know more about how to become a conservator? Well first, you have to recognize the Conservator has a fiduciary duty to the Conservatee. The report will cover the ward’s assets, what has been bought, sold, invested, and expenditures. In addition to financial reporting, there should be a plan detailing the medical treatment and personal care the incapacitated ward has received in the previous year. 

How to be a Conservator

Various people may want to file a petition for the conservatorship role. Here is a list:

  • A Private Professional Fiduciary
  • The spouse of the proposed Conservatee
  • A relative of the proposed Conservatee
  • An interested friend of the proposed Conservatee
  • A proposed conservatee

And each possible conservatorship person or group is responsible for preparing an annual report based on the actions taken on the ward’s (protected person’s) behalf. The report will cover the ward’s assets, what has been bought, sold, invested, and expenditures. In addition to financial reporting, there should be a plan detailing the medical treatment and personal care the incapacitated ward has received in the previous year. 

 Here is a partial list of fiduciary duties:

  1. Accounting: Complete financial records
  2. Taxes: Required to file any tax returns
  3. Trust Asset Management and Growth: Keep the estate’s assets invested. (Prudent Investor rule).
  4. Distributions to the ward (protected person):  Distributions for the care of the ward and to any third party who provides any beneficial service.

So a word of caution is that everything you need to know about being a conservator should come from an experienced estate planning attorney (conservatorship attorney) given the complexity and severe risks of harm to the protected person. 

Learn more about a Conservatorship Attorney

 

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Client Since 2006

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Truly exceptional law firm! They provided concise, decisive legal assistance during unanticipated events during estate proceedings. They made a bad situation better. Our family will always be grateful. There is no one I would rather have than Hess-Verdon & Associates representing my family.

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Jillyn Hess-Verdon

Jillyn Hess-Verdon

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R. Kurt Ketchum

R. Kurt Ketchum

Associate Attorney

David Crumpton

David Crumpton

Associate Attorney

Stacy L. Olsen

stacy l. Olsen

Associate Attorney