For The Estate Plan You Know You Need.

What are some important things I should know about being a conservator?

On Behalf of | Sep 26, 2019 | Guardianships & Conservatorships |

You may have a time in your life when someone else names you as a conservator in Colorado. In this role, you will help to manage the finances of a minor or other person who is unable to manage their own finances, such as an adult with special needs. This is a serious responsibility and requires that you understand the extent of your duties.

The Colorado Judicial Branch explains that your overall role is to properly manage the person’s finances. You cannot make risky decisions or do something that would harm the financial status of the person. While under your control, the money belonging to the protected person must be kept separate from your own. You cannot put it in any of your personal accounts. You can open a bank account for the person, but it must be noted you are the conservator and the protected person’s name must be on the account.

You have to make sure you maintain accounts as directed. If you are managing an estate, you need to do so according to the law. You also need to notify the credit bureaus of your role.

You are also responsible for maintaining and managing insurance and taxes for the protected person. In addition, you must keep records and submit them to the court as required. This includes also creating a financial plan that outlines investments and other actions you will take.

Above everything, you should always remember you are managing someone else’s money and need to act accordingly. This information is for education and is not legal advice.