On May 31, 2015

In a conservatorship, the court appoints a conservator to manage and protect the personal and financial affairs of a protected person, whose individual rights are, consequently, taken away. This means that conservators have some important responsibilities, which can be as limited or broad as the court sees fit to appoint.

In general, however, there will be some common duties that most conservators have, and understanding these responsibilities can be key to:

  • Successfully carrying out the conservatorship
  • Avoiding allegations of breach of fiduciary duties (and, in turn, personal liability).

Conservators’ Ethical Duties

An experienced Denver estate attorney explains the ethical and administrative duties that conservators generally have. Contact us for help with conservatorships or any estate planning needs.

An experienced Denver estate attorney explains the ethical and administrative duties that conservators generally have. Contact us for help with conservatorships or any estate planning needs.

Ethical duties of conservators tend to include (but may not be limited to) the duty to:

  • Always act in the best interests of the protected person
  • Avoid conflicts of interest, such as entering into transactions in which conservators could benefit at the expense of the protected person
  • Administer the conservatorship with prudence
  • Not comingle the conservatorship estate with one’s own personal assets
  • Abide by all court orders regarding the conservatorship (for instance, the court could require conservators to obtain “fiduciary bond” insurance; if this occurs, then conservators will need to abide by the court order).

Conservators’ Administrative Duties

Administrative duties of conservators tend to include (but may not be limited to):

  • Inventorying the protected person’s estate – This inventory will usually have to be submitted to the court within 60 days of a conservator being appointed.
  • Submitting annual reports to the court – This report is meant to provide the court with a complete accounting of the financial transactions associated with a conservatorship estate, as well as the current status of that estate.
  • Maintaining complete financial records for the protected person – These records should detail all income, payouts and liabilities, and they should include supporting documentation, such as account statements, etc.
  • Handling all tax obligations for a protected person – This will include filing and paying all necessary taxes for the protected person.

There can be various other duties that conservators have, so it’s advised that newly appointed conservators consult an experienced lawyer.

Denver Estate Attorney at JR Phillips & Associates, PC

Do you need help developing or carrying out a conservatorship? Or do you need assistance with any estate planning matter? If so, you can turn to an experienced Denver estate attorney at JR Phillips & Associates, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning, elder law and other legal needs, and we take pride in helping each of our clients and their families find the best solutions for them.

Let’s Talk – Contact Us Today

Let’s discuss your options during an initial consultation. To schedule this meeting, call us at (303) 741-2400 or email us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.

Categories: Guardianships & Conservatorships