What Are My Duties As A Conservator?
If you have been appointed by a Minnesota court as a conservator, you are responsible for overseeing the financial affairs of the protected person (also sometimes referred to as a “ward” or “conservatee”). Your duties as a conservator are crucial to protecting the assets of the protected person’s estate, but they can also seem complex at times.
Our firm’s lead attorney, Mary Ebb, has extensive experience in setting up conservatorships and advising those in the role of conservator how best to carry out their duties. We serve Ramsey County clients in White Bear Lake, Roseville and elsewhere.
How Conservatorships Are Set Up In Minnesota
Conservatorships are set up by court order when it is determined that the protected person lacks the capacity to make decisions about their financial affairs or estate. Once you are named as a conservator, you will want to mark the date on a calendar, as a number of duties will be required of you annually based upon that date.
Once the court order is final, conservators are empowered by the state to do the following (and more) on behalf of their wards:
- Pay reasonable charges for the support and maintenance of the protected person
- Pay any legitimate debts out of the protected person’s estate
- Manage the financial affairs of the estate, and invest funds not needed for upkeep and payments of debts in a prudent manner
- Approve or withhold approval of any contract the protected person may wish to make
- Apply for government assistance on behalf of the protected person
The Duties Of A Conservator
The power given to a conservator is balanced by a number of responsibilities he or she must fulfill. Some of the main duties include:
- Filing an inventory of the protected person’s assets within 60 days of being named conservator
- Provide an annual accounting of the protected person’s estate
- Ensure, on an annual basis, that the protected person and any interested parties receive a copy of the Annual Notice of Right to Petition for Restoration of Capacity
A lawyer well-versed in elder law and the laws governing conservatorships can guide you in fulfilling your duties.