387.710 Filing of inventory by limited conservator or conservator -- Biennial report
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/ky/387-710A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
-- Final report and account.
(1)Within sixty
(60)days of appointment, the limited conservator or conservator shall
file with the court a verified inventory of all the property of the ward which has
come to his possession or knowledge, including a statement of all encumbrances,
liens, and other secured claims on any item, any claims against the estate of the
ward, and any cause of action accruing to the ward. The limited conservator or
conservator shall provide a copy thereof to the ward if he has sufficient mental
capacity to understand it.
(a)A limited conservator or conservator shall file with the court a verified report
and financial account biennially within one hundred twenty
(120)days after
the anniversary date of his appointment. The report shall contain:
1. The present personal status of the ward whose estate is managed by the
conservator;
2. The conservator's plan for preserving and maintaining the estate of
which he has control or supervision;
3. The need for continuation or cessation of the conservatorship; and
4. The need for any alteration in the powers of the conservatorship.
(b)The biennial report shall specify the amount and type of real and personal
property received by the conservator and remaining in his control or invested
by him, the nature of such investment, and expenditures made during the
preceding year. Upon request of the court, the conservator shall produce for
examination any information or documentation which the court may consider
relevant to the accounting of the financial and property transactions of the
estate.
(c)If the ward has no real property and possesses personal property of two
thousand five hundred dollars ($2,500) or less for any year during the biennial
report, the conservator or limited conservator may file an informal biennial
financial report attesting to the identity of the ward's financial account and its
current balance. If the balance does not exceed two thousand five hundred
dollars ($2,500) for any year of the biennial report, the conservator or limited
conservator shall not be required to render to the court a detailed accounting
of the expenditures from the fund, unless the court, on its own motion or that
of any interested party or individual, deems it necessary to order the
conservator or limited conservator to provide a detailed biennial accounting,
including the listing of all expenditures for that reporting period.
(3)Upon the resignation, removal, or death of a limited conservator or conservator, or
on the termination of the conservatorship, the limited conservator or conservator, or
his personal representative, shall forthwith submit a final report and account to the
court and to the former ward and to the successor limited conservator or
conservator, or, if the ward is deceased, to his personal representative, and shall pay
over the trust estate to the person entitled thereto. Upon approval of the report and
account, the limited conservator or conservator shall be discharged and his surety, if any, released.