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387.710 Filing of inventory by limited conservator or conservator -- Biennial
report -- Final report and account.
(1)
(2)
(3)
Within sixty (60) days of appointment, the limited conservator or conservator
shall file with the court a verified inventory of all the property of the ward which
has come to his possession or knowledge, including a statement of all
encumbrances, liens, and other secured claims on any item, any claims against
the estate of the ward, and any cause of action accruing to the ward. The
limited conservator or conservator shall provide a copy thereof to the ward if he
has sufficient mental capacity to understand it.
(a) A limited conservator or conservator shall file with the court a verified
report and financial account biennially within one hundred twenty (120)
days after the anniversary date of his appointment. The report shall
contain:
1.
The present personal status of the ward whose estate is managed
by the conservator;
2.
The conservator's plan for preserving and maintaining the estate of
which he has control or supervision;
3.
The need for continuation or cessation of the conservatorship; and
4.
The need for any alteration in the powers of the conservatorship.
(b) The biennial report shall specify the amount and type of real and personal
property received by the conservator and remaining in his control or
invested by him, the nature of such investment, and expenditures made
during the preceding year. Upon request of the court, the conservator
shall produce for examination any information or documentation which the
court may consider relevant to the accounting of the financial and
property transactions of the estate.
(c) If the ward has no real property and possesses personal property of two
thousand five hundred dollars ($2,500) or less for any year during the
biennial report, the guardian, conservator, or limited conservator may file
an informal biennial financial report attesting to the identity of the ward's
financial account and its current balance. If the balance does not exceed
two thousand five hundred dollars ($2,500) for any year of the biennial
report, the guardian, conservator, or limited conservator shall not be
required to render to the court a detailed accounting of the expenditures
from the fund, unless the court, on its own motion or that of any interested
party or individual, deems it necessary to order the guardian, conservator,
or limited conservator to provide a detailed biennial accounting, including
the listing of all expenditures for that reporting period. For guardians filing
an informal biennial financial report, the provisions of subsection (2)(a)2.
of this section shall not apply.
Upon the resignation, removal, or death of a limited conservator or
conservator, or on the termination of the conservatorship, the limited
conservator or conservator, or his personal representative, shall forthwith
submit a final report and account to the court and to the former ward and to the
successor limited conservator or conservator, or, if the ward is deceased, to his
personal representative, and shall pay over the trust estate to the person
entitled thereto. Upon approval of the report and account, the limited
conservator or conservator shall be discharged and his surety, if any, released.
Effective:March 15, 2001
History: Amended 2001 Ky. Acts ch. 19, sec. 1, effective March 15, 2001. -Amended 1992 Ky. Acts ch. 425, sec. 3, effective July 14, 1992. -- Created 1982
Ky. Acts ch. 141, sec. 22, effective July 1, 1982.
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