Essential Checklist for New Conservators: Your Guide to Starting Strong

Embarking on Your Conservator Journey

Taking on the role of a conservator can feel overwhelming, but with a well-structured checklist, you can set yourself up for success and confidently manage your new responsibilities. Here’s a practical step-by-step guide for anyone just starting out.

Your Essential Checklist

·         Letters of Conservatorship: Make it a priority to provide official Letters of Conservatorship to every financial institution involved. This formal documentation is vital for confirming your authority to manage the conservatee’s affairs.

·         Conservatorship Bank Account: Open a dedicated bank account under the conservatorship at your selected financial institution. Setting up checks and online access will streamline your ability to track and manage funds efficiently.

·         Change of Address: Complete a USPS Change of Address form so that all important mail is sent directly to you. This small but crucial step keeps you informed of any significant updates or issues.

·         Credit Reports: Request credit reports from all three major credit bureaus. A comprehensive look at all outstanding accounts and debts will give you a clear financial picture from the start.

·         Record Organization: Leverage digital tools like Excel, Adobe PDF, and a reliable scanner to maintain order in your financial records. Staying organized will save you time and stress in the long run.

·         Review Financial Statements: Frequently review credit card statements and monitor transactions carefully. Take the opportunity to cancel unnecessary auto-renewals or subscriptions, ensuring prudent financial management.

Final Thoughts

By methodically working through this checklist, you’ll build a strong foundation for the conservatorship and instill confidence in your ability to manage another’s finances responsibly. Organization, diligence, and foresight are your best tools for a smooth and successful experience as a new conservator.

Julie McCowan Esq. Julie@JMcCowanLaw.com