| Conservator
• Fiduciary that manages and protects the finances and assets of a client. • Can invest available funds in prudent investment with little or no risk to the client (CD's, money market accounts or bonds). • Preserve the assets to maintain or improve the client's lifestyle |
Conservators are appointed by the courts when someone is unable to manage their financial affairs, or may be at risk for financial abuse. Typically these clients are considered incapacitated by the courts through injury or disease, and need protected. Conservators are charged with protecting the assets and are accountable to the courts for their actions. The conservator must file an initial inventory and annual accountings for court approval. EFS clients include traumatic brain injury and Alzheimer's patients. |
| Case Study | |
| Mrs. Williams is an elderly widow that has lived alone in her house North End of Boise for the last 10 years. She and her husband were cautious with there money and retirement funds to maintain there lifestyles. Mrs. Williams was starting to have some problems remembering to pay her bills on her time. She asks a niece to help her and she agrees. At first, the niece doesn't take any payment for helping Mrs. Williams. After the first three months of spending every Saturday morning doing the bills, the niece requests that Mrs. Williams provides some money to help pay for expenses. Mrs Williams is grateful for the help and signs a check to the niece. This process continues as Mrs. Williams' memory continues to fail. The work performed by the niece gets to be more and more involved. The niece now takes care of every aspect of finances for her aunt. What was once a Saturday morning, is now taking more and more time. The niece opens an account and gets signing authority. The niece now feels that her time is more valuable and starts taking $500 a month for her time. The process continues to steam roll until the niece has full control over all of the money, and she has a signed power of attorney from Mrs. Williams. At this point the niece gets to make any and all decisions. She decides it's time to move Mrs. Williams into a care facility. Other family members try to visit Mrs. Williams and find that they are not allowed to visit because the niece has restricted access to Mrs. Williams. The family hires an attorney. The process is now one to protect Mrs. Williams and her assets. The attorney petitions the court for a hearing to appoint a conservator and/or guardian. The judge assigns a Guardian Ad Litem (to ensure that Mrs. Williams is properly represented) and a Court Visitor to provide a recommendation to the court based on interviewing Mrs. Williams, and doctor's reports. Based upon the Court Visitor's finding the judge agrees that a Conservator is needed. Executive Fiduciary is recommended by the Petitioning attorney to serve as Conservator and appointed by the judge EFS' main concern is to secure the all of the assets for the client. These include the cash and investments, and any real and personal property. We establish a checking accounting for Mrs. Williams, using her personal information, so that Mrs. Williams needs can be taken care of. We also look for documents that would indicate that Mrs. Williams had made loans to any family and friends. We begin to pay Mrs. Williams bills and provide access to money for Mrs. Williams. In this case, we get the bank records and trace the money that the niece has taken and attempt to recover the funds. In severe cases like this, EFS would notify the appropriate Prosecuting Attorney to file criminal charges against the niece. |
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