Conservatorship in Utah
A conservator is appointed by the court to manage the property and financial affairs of a ward. Often times a guardia
n and conservator are the same person. Some examples of the
conservator’s trustee responsibilities include income, real property, furniture, cash, bank accounts, motor vehicles, valuables such as jewelry, etc. Reasonable care must be used by the conservator. Which includes the use of their skill and knowledge to manage and invest the estate as a prudent investor would.
After being appointed as conservator, you have 90 days to file with the court an inventory listing of the property. Because of this a conservators first task is to locate and identify all of the property.. Once a complete list of the property is prepared, the conservator then files it with the court. If the conservator later finds additional property than an amended inventory needs to be filed with the court. Sometimes a ward’s financial affairs may be in disarray, and you may need to put them in order.
Conservatorhsip Attorney in Salt Lake City
As a conservator you must exercise reasonable care, skill and caution to invest and manage estate assets as a prudent investor would. Conservator investment and management decisions about individual assets will be evaluated in the context of the estate as a whole and as a part of an overall investment strategy. Conservators should consider several factors including:
- General economic conditions and the possible effect of inflation or deflation
- Expected tax consequences of investment decisions or strategies
- Roles that an investment or course of action plays within the overall portfolio
- Expected total returns from income and the appreciation of capital
- The size of the estate, the need for liquidity, regularity of income, and preservation or appreciation of capital
- An asset’s special value to the purposes of the estate or to the ward.
ANSWERING Conservatorhsip QUESTIONS IN SALT LAKE CITY, DRAPER, AND SOUTH JORDAN
Garner Law can help you avoid conservatorship proceedings with proper planning or if you and your family have passed the point of pre-planning and someone you love is need of a conservatorhsip feel free to contact our office for a free assessment.