What is it?
A conservatorship or guardianship is a court-ordered responsibility for a third-party to manage the affairs of those who no longer have the capacity to make their own decisions about finances or health care. Generally, a guardian is one who is responsible for a ward’s personal care, whereas a conservator oversees the person’s finances. The Conservator/Guardian could be a family member, friend, or a professional fiduciary. A professional fiduciary is a person that receives a fee for helping manage the finances or health care of the incapacitated person.
Sometimes a guardianship is appointed for a trusted adult to help manage the affairs of a minor.
Often times, a conservator is not a financial professional, yet they are charged with managing the liquid assets, real estate properties, or other tangible personal property.
How do we help?
We help the conservator fulfill the court-appointed responsibility of managing a person’s investment portfolio by applying correct investment principles to meet the needs of the ward and the desires of the estate.
We evaluate both short-term and long-term financial needs, assess risk tolerance, monitor investment markets, and use sound investment principles to build individualized portfolios to address financial needs.
We work hand-in-hand with the conservator/guardian to help prepare financial reports that are required by the court for the annual filing.
We work with the attorney to understand the goals and desire of the estate to pass wealth to future generations, charitable giving, establishing foundations, or other estate goals.
We will assist you in compiling all statements and moving assets to EGL Investments, LLC and Summit Brokerage Services.
We handle court-restricted depository accounts.
What is needed to establish an account?
Generally, the court documents required to establish the account:
- The Order of Appointment of Conservatorship or Guardianship
- The Letters of Appointment
These documents vary from state to state, and can differ on the reason for appointment. We will work with you to gather the correct documents that pertain to the particular type of account that would be required.
We also require specific Summit Brokerage Services account opening forms.
What fees are involved with these accounts?
Fees are based on the type of account that is required, whether the account is restricted or non-restricted. A “Restricted” account dictates that an order from the court would be required to release any funds from the account. “Non-restricted” means that a court order is not required and we can take instructions of disbursement from the conservator/guardian.
