• December 20, 2016

Tips for Conservators in Minnesota

Tips for Conservators in Minnesota

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Applying for conservatorship in Minnesota is a process that is filled with rules, regulations and paperwork. Attorneys can help their clients through the process by giving them the following tips to keep them on track and to make sure that they are following state laws.

Use Online Minnesota Resources

The state of Minnesota provides an online conservator account reporting application, called MyMNConservator (MMC), that allows people to keep track of their inventory and accountings. Conservators in Minnesota can also file their reports electronically.

Conservators must submit an inventory no later than 60 days after the date that their Letters of Conservatorship were issued. An annual account must also be submitted no later than 60 days after the period ending date (i.e. every year on the date of the issuance of the Letters of Conservatorship).

Provide all Necessary Proof and Paperwork

Conservators in Minnesota also need to make sure that they provide proof of funds and finances with their reports, which include:

  • Bank statements
  • Any other financial statements (i.e. brokerage, investments)
  • Receipts and cancelled checks
  • Statements of accounts received
  • State, federal and property taxes

Set an Allowance for Spending

If a protected person will be spending any money, set a small allowance either weekly or monthly and make sure that clients can prove it was spent solely by the protected person.

Things to Avoid

When dealing with conservatorship in Minnesota, attorneys should instruct their clients to avoid:

  • Mixing the assets of the conservator and the protected person
  • Selling, disposing or giving away property without giving notice to interested persons (see  M. S. 524.5-313(c) (3).
  • Continuing to spend or dispose of assets if the protected person becomes deceased.

Getting a Conservatorship Bond

In order to safeguard the protected person against theft or mismanagement of their assets, you can acquire a conservatorship bond. At The Patrick J. Thomas Agency, we have been securing bonds for attorneys and their clients for more than 50 years. For fast, secure and easy-to-acquire bonds, get in touch with our team today.

 

Disclaimer: this is for informational purposes only and is not intended to be legal advice. If you need legal counsel, please contact an attorney directly.