Frequently Asked Questions: Conservatorship
I filed a Verification last year, do I have to file one again?
Verification on Deposit forms must be filed every year on minor conservatorships to ensure that the minor's funds are properly preserved.
What do I do if a protected individual dies?
If a protected individual dies, the conservator must file a final account with 56 days. After the account is allowed, the personal representative must file a receipt for any remaining funds so the order discharging the conservator can be entered and the conservatorship file closed.
Can I, as conservator, invest the minor's funds?
You must get court approval before investing any of the minor's funds in stocks, mutual funds or annuities. You do not need permission to deposit the funds in an FDIC insured account at a bank for instance.
Who must file a Verification of Funds?
A conservator for a minor is required to file a Verification on Deposit with the court on a yearly basis.
Who fills out the Verification of Funds?
A representative of the financial institution where the funds are held must fill out and sign the Verification on Deposit.
How do I become a conservator?
To become a conservator, you must file a petition, pay the fee, serve interested persons, and appear at a hearing. Generally, anyone may petition to become conservator.
What is the difference between a conservatorship and guardianship?
A conservator has responsibility over the ward's finances, whereas the guardian has responsibility over the ward's health care and wellbeing.
Who pays the guardian ad litem (GAL) fees for adult conservatorship cases?
Generally, GAL fees are paid from the ward's estate; however, if the ward's estate is insolvent or not liquid, then the GAL will bill the County.