The Virginia Department of Judicial Services explains that conservators are fiduciaries who must thoughtfully manage and account for assets owned by the person in their care.
As conservator, your duties include submitting detailed accounting reports with supporting evidence to the Commissioner of Accounts.
What should your reports include?
You must use a specific form required by the state to account for the assets you manage. Each report should include verification of owned assets and vouchers for all expenditures.
Your verification of assets should include supporting documentation consistent with your accounting:
- You must produce original vehicle and boat titles.
- You may verify jewelry and furnishings with a certification of existence and location from a disinterested party.
- You may confirm cash accounts or certificates of deposit with a statement or certificate from the financial institution holding the asset.
- For brokerage accounts, you must produce proof of stocks, bonds and other securities. For certificated securities, you must exhibit the original certificates or provide a certified statement by a bank officer.
- You may produce copies of K-1 forms to evidence partnership interests.
Documentation should also include settlement statements for real estate sold and brokerage statements for stocks and other securities sold.
When are your accounts due?
You must file your first account within six months after you have qualified as conservator, and it should cover the first four months of your conservatorship. Each subsequent report must cover the 12-month period that begins with the last date of your prior report. You must submit each follow-up accounting within 16 months after the last date of your prior report.
Your final account is due upon death of the person in your charge or upon a court’s order reinstating competency. You may not retain any assets after termination of the conservatorship.