Taking over a loved one’s finances can be stressful, especially when you are trying to make careful decisions and keep track of every transaction. As a conservator, the right records can help you stay organized, complete required filings and show how you handled the person’s money and property.
Documents that support your filings
A conservator handles finances, while a guardian handles personal care. Because your role focuses on money and property, your files should show what came in, what went out and what remains. Useful records may include:
- Bank and investment statements for each account
- Receipts, invoices, check images, canceled checks, debit memos or detailed bank transaction logs for payments
- Proof of income, such as Social Security, pension or rental payments
- State and federal tax returns filed for the protected person
- Appraisals, assessed values or other records for real estate, vehicles or valuable property
- Court orders and conservatorship documents
Keeping these items in one place can make it easier to prepare the required inventory and accountings.
Deadlines conservators should track
The Commissioner of Accounts is a court-appointed official who reviews fiduciary reports, including conservator inventories and financial accountings. In Virginia, you generally must file an inventory within four months after the court gives you authority. This inventory lists the protected person’s property, including accounts, personal property, real estate and certain income sources.
You must also submit regular financial reports to the commissioner. The first account covers the first four months of conservatorship and is due within six months from your date of qualification. Later accounts cover 12-month periods and are due within four months from the last day of that reporting period. Missing receipts or statements can delay review or lead to questions.
Keeping records before problems arise
When each bill, statement and asset detail is easy to find, you are better prepared to explain financial decisions and show that you handled the protected person’s finances responsibly. For more complex accountings, the estate may be able to cover reasonable professional help, depending on the work involved and the commissioner’s rules.