When you’re appointed as a conservator in Tennessee, one of your key responsibilities is to manage the assets of the person you’re protecting, known as the respondent. Part of this responsibility includes creating a Property Management Plan. But what exactly is a Property Management Plan, and how does it function within a conservatorship?
What is a Property Management Plan?
A Property Management Plan is a comprehensive report that outlines the respondent’s assets, investments, and recurring expenses. It’s a roadmap for how the conservator intends to manage the respondent’s finances, ensuring their funds are used appropriately and in their best interest. This plan is crucial because the court closely supervises how a conservator handles the respondent’s money to prevent misuse or waste.
What Should Be Included in the Plan?
The Property Management Plan should provide a detailed breakdown of the respondent’s assets and how they are invested. Additionally, it should outline all recurring expenses that need to be paid from the respondent’s funds.
This might include:
- Monthly Rent or Mortgage Payments
- Home Healthcare Services
- Food and Supplies
- Utility Bills (e.g., cell phone, cable, internet)
- Medical Bills and Insurance Premiums
- Any Other Regular Expenses
Essentially, the plan acts as a financial blueprint, demonstrating how you, as the conservator, will responsibly manage the respondent’s money to cover their necessary expenses.
Court Approval Process
Once the Property Management Plan for the conservatorship is prepared, it must be submitted to the court for approval. The court will review the plan carefully, often holding a hearing to scrutinize the proposed expenses. During this process, the judge may ask for additional details, question certain expenses, or request changes to ensure the respondent’s funds are managed prudently.
The court is very protective of the respondent’s assets and wants to ensure that the money is being used for their benefit—not for the conservator’s personal gain. This is why the court must justify and approve every expense and investment listed in the plan.
Your Fiduciary Duty as a Conservator
As a conservator, you have a fiduciary duty to the respondent. This means you are legally obligated to act in their best interest and make wise financial decisions. You can’t simply access the respondent’s funds and spend them as you see fit; the court will monitor every action to protect the respondent’s well-being.
