What You Should Know When Taking the Responsibility (Fiduciary Duty) of a Conservatee
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:
- Accounting: Complete financial records
- Taxes: Required to file any tax returns
- Trust Asset Management and Growth: Keep the estate’s assets invested. (Prudent Investor rule).
- 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.