Resources

As an appointed conservator, you have a fiduciary responsibility to conserve and manage the estate of a protected person. This duty includes taking charge of the financial assets and day-to-day spending. Because of these responsibilities, it is imperative for conservators to have a rudimentary understanding of basic money management and…

The fundamental difference between guardians and conservators is in the power they are given. Both protect a vulnerable person, but conservators and guardians have very different roles when it comes to managing the finances and day-to-day decisions regarding a vulnerable person. Remember that each state has different rules, guidelines, etc…

Trustees manage the distribution of a trust’s assets to certain beneficiaries. Since this responsibility comes with a substantial amount of financial management, certain accounting practices become necessary to effectively manage the distribution. If you have recently become, or will become, a trustee, follow these best practices when executing your grantor’s…

A representative payee, not to be confused with a personal representative, is a person or organization who is charged with using the benefits distributed to a vulnerable person to pay for his or her basic needs. Understand the Rules That Guide You There are different types of representative payees, depending…

Conservators in Minnesota must familiarize themselves with MyMNConservator (MCC), a statewide accounting program of all conservators that takes place every year. If you are part of a conservatorship in Minnesota, it is essential for you to be prepared. In order to properly file the accounting, you will be required to…

Forming a special needs trust is a great way to protect and help secure the financial integrity of vulnerable people who have special needs. If you are a conservator who is in charge of a person with disabilities, a special needs trust may be a good way to plan for…

While setting up your estate is important, protecting it is even more crucial. Without proper protection your estate can be exposed to fraud and mismanagement. These issues are common and can end up eating away at the assets of your estate through litigation in court.   There are many ways…

If you have been named a trustee, a great amount of responsibility has been placed upon your shoulders. Being named as a trustee means that the person who owns the trust, often known as the grantor or trustor, has placed the future administration of his or her assets (property, finances,…

Granting Power of Attorney to someone (an agent) is not an easy decision. That is because you are trusting them with your financial or medical decisions, and essentially your personal wellbeing. When an agent has a Power of Attorney over someone, they are responsible for day-to-day financial responsibilities like paying…