What is a Property Management Plan in a Conservatorship
Hi my name is Curt Runger and I’m an attorney in Memphis, Tennessee, and I help give my clients peace of mind by helping them navigate through the probate process. So in a conservatorship. One thing that conservators often asked about and are required to do is to prepare a property management plan. So what exactly is a property and management plan and what is it used for? So essentially, after a conservatorship has been approved by the court and the judges appointed a conservator. If there is property of the respondent that the conservator is managing, they will be required to file in the court what’s called a proposed property management plan. and that property management plan is essentially a written report and sort of an overview or a, an outline of what all of the respondents assets are, what the investments look like where the money is invested, and what the proposed recurring expenses are so essentially it’s kind of like, it’s kind of like a report showing what the assets are and then also kind of like a budget you know how are you, as the Conservatoire going to manage the money of the respondent because the thing is court supervised and the courts are very protective of respondents money because they need to make sure that the conservatory is spending it on things that the respondent actually needs and not taking the money and blowing it on themselves, or you know taking lavish vacations and not taking care of the respondents so in the proposed property management plans, you set forth. What you need to spend money for on a monthly or annual basis. On behalf of the respondent so if there is monthly rent that needs to be paid out of the conservatorship funds that would obviously be something that’s set forth in the property management plan. If there’s home health care services that’s an expense that would be enlisted in there as well, food, supplies, cell phone bill, you know, cable bill internet bill. You know, medical bills, insurance, you know, life insurance premiums, essentially, any kind of expense that a conservatory is going to incur on behalf of a respondent or utilize the respondents fund for that needs to be accounted for in the property management plan and essentially you submit the plan before the judge. And then there’s a hearing on the on the on the approval of the property management plan so the court will actually go over this property management plan with a fine tooth comb, they will hear testimony from the conservator about these proposed expenses. The court will want to know how the respondents, the money is being invested or where it’s invested, to make sure that there’s proper protocols in place for, you know, the management of that money. And then the court will either approve the property management plan or they’ll modify it or they’ll tell you that’s the conservatory. What you need to do but you don’t just get appointed conservator over somebody and then just get to go hog wild with their money. That’s not how it works. This thing is supervised and scrutinized as it should be, by the court because you as a conservator over somebody else’s property you are I five this year, and you have a fiduciary duty to that respondent to make sound and wise investments and to not follow through or waste their money. If you have any other questions about conservatorships in Tennessee please give me a call.
If you have any further questions do not hesitate to call Curt or his team at Douglass and Runger, PLLC at (901) 388-5805 relating to other questions about conservatorships.