The work of implementing an estate plan does not always begin after your loved one dies. Sometimes, it begins while he is still alive but lacks the capacity to manage his own affairs. This may create a need for a conservatorship. A conservatorship is a legal arrangement where a judge determines that your loved one is not capable of managing his own affairs. Another individual is then named a conservator of that person’s estate.
8 Steps Following a Conservatorship Appointment in California
Once you are appointed as conservator of your loved one’s estate, you’re responsible for many tasks. The following are eight examples of steps you may need to take:
- Obtain a bond for the liquid assets and annual income of your loved one’s estate. Examples of liquid assets include bank accounts and stocks. A bond is similar to an insurance policy. It is designed to reimburse the person who is subject to the conservatorship in the event that you were to mishandle or steal the money from the estate.
- Review the schedule imposed by the court for monitoring the finances and property of the person subject to the conservatorship. This schedule will also include monitoring the person’s general welfare.
- Prepare and file an inventory and appraisal of all of the assets belonging to your loved one within 90 days of your appointment.
- File a General Plan for the conservatorship.
- Record evidence of the conservatorship with the Recorder of the City and County where the person owns real property.
- Prepare an accounting of the assets one year after your appointment as conservator and at least every two years thereafter.
- Have the accounting reviewed by a probate examiner.
- Have the person subject to the conservatorship periodically interviewed by an investigator. The purpose of this investigation is to determine whether you are acting properly in your capacity as conservator.
If you are asked to serve as conservator over a loved one’s estate, it is important to seek guidance. We can help. We can be reached at (714) 459-5481.