Conservatorship by Arizona Licensed Fiduciary
Compassionate conservatorship for your family or friend.
If someone in your family or a close friend becomes temporarily or permanently unable to manage personal affairs or finances, a trusted and qualified person needs to step in to assure that everyday financial matters are taken care of and the person is protected from exploitation. That person will be acting as conservator.
Arizona law requires a hearing at the probate court, which will appoint the conservator for the incapacitated or vulnerable person. Preferably a family member or someone otherwise familiar will be available to take on the responsibilities. When there is no family the court will appoint a licensed fiduciary as conservator. When relatives live too far away or cannot help for other reasons, they may petition the court to appoint a certain fiduciary with whom they feel comfortable.
Besides routine matters such as bill paying, the conservator has the duty to manage all financial affairs of a client, requiring a considerable amount of time and effort. All transactions concerning assets, receipts or payments must be documented and an accounting must be submitted to the probate court.
Here are examples of conservator duties:
- Pay rent or mortgage
- Receive and deposit pension, Social Security and other income
- Pay utility bills
- Verify insurance policies are up to date and paid on time
- Pay medical bills
- Monitor accounts at banks, brokerages, and other institutions
- File timely tax returns and pay taxes
- Oversee legal transactions, verify they are properly executed
- Manage income, expenses and financial assets
- Keep records, provide or hire accounting services
- Coordinate team of professional advisors (if applicable)
- Organize and handle final arrangements
- Provide updates on finances and status to family members
- Provide periodic accounting and reporting on conservatee’s status to the court
If you have a loved one needing the services of a conservator and you cannot be there yourself, please call me to discuss your situation and find out how I could be of service. .