Accounting Conservator

How is a guardianship or conservatorship set up? Someone interested in the individual's welfare must file a petition in Superior Court, Probate Division, requesting appointment of a guardian or conservator. Once the petition is reviewed by the Probate Division and accepted for filing, a hearing is scheduled.

The out-of-pocket costs to begin a conservatorship are the filing fee, which ranges from $278 to $1,176 (in 2019) depending on the amount of assets, plus the expenses for having the respondent personally served, getting certified copies from the court, etc., which are usually around $200.

A guardian (or conservator) of the person is responsible for decisions about care provisions and living arrangements of the ward. A guardianship (or conservatorship) of the estate is charged with the ward's property and financial affairs. In some states, the term guardian is used for both scenarios.

The duties of a guardian, generally speaking, are to oversee the welfare and safety of the person under guardianship, and to attend to the financial needs of the individual, using his or her assets wisely. A guardian has a legal duty, called a "fiduciary duty", to act in the best interests of the individual.

Conservatorship paperwork is a legal institution whose purpose is to ensure normal living conditions and represent the interests of citizens who are unable to take care of themselves. The group of such people includes young children, minors, as well as adults with health problems that limit their ability to act.

The conservator has the power to collect all the conservatee's assets, pay bills, make investments, etc. The conservator must seek court supervision for major transactions, such as purchase or sale of property, borrowing money, or gifting of assets.

Guardians assume responsibility for the supply of food, clothing, and personal necessities. And for ensuring protected individuals are receiving the proper care, maintenance, and support. As a conservator of the person, they become the healthcare contact for the protected person.

The term conservatorship account refers to a financial account in which a person or institution has been appointed by a court to manage and preserve the assets of an individual which are held in the account.

A Conservator is entitled to reasonable compensation and reimbursement of expenses from the Conservatorship Estate for acts on behalf of the Protected Person for the duration of the Conservatorship.