The conservatorship is the fiduciary role of handling finances. Part of the financial responsibility that comes with being a conservator is the responsibility to account.
The timeline of a conservatorship begins with establishing the conservatorship. It concludes with the annual account of fiduciary. The annual account of fiduciary is detailed in the provisions of Michigan law under MCL 700.5418 and court rule MCR 5.409. The conservator has 56 days from the anniversary date of their appointment to account for the financial affairs of the ward. It is only with a rare court order that the requirement could be waived or changed to an alternative schedule.
Rather than accounting once the year is over, it is advised and recommended that a conservator log the transactions on a weekly or monthly basis in order to keep receipts, banking statements, and other financial records organized and available before the deadline is near.
The annual account of fiduciary short form, PC-583, is a state court approved form, and is typically perceived as more easily understood than the longer form you can find online. Once the form is completed, we urge a conservator to check over the form and records numerous times before signing the document. A signature on this form is subject to the penalty of perjury and therefore avoiding errors and misstatements regarding financial information is critical. As a result, conservators are strongly encouraged to work alongside competent legal counsel in order to ensure the process remains entirely accurate.
If you are involved in a conservatorship, or have questions about the annual account of fiduciary process, contact us at (833)PROBATE or visit us at theprobatepro.com.