Conservatorships-300x300What is a Conservatorship?

A Conservatorship is obtained through a legal process in which Stagg Fiduciary Services, LLC, is appointed by a probate judge to manage the estate of a person who has been deemed incapacitated and/or is in need of protection. Although immediate family members are the first and most likely choice to serve as conservator, there are times when family disputes, exploitation issues, or other factors may dictate the need for an independent third party. Our goal is to support the client using their assets, while preserving/protecting their estate from unnecessary costs, expenses and/or predators.


Our Responsibilities

When SFS is appointed as Conservator, one of our first tasks is to identify and harness the client’s funds and assets. We work with banks, credit unions and other financial institutions to locate and rename accounts under the Conservatorship title which decreases the possibility of misuse or exploitation of those accounts. We work with multiple agencies to locate sources of income, such as the Social Security Administration and the Department of Veterans Affairs, in addition to locating other possible retirement, annuity and/or pension payments. Identifying all assets is necessary because, as Conservator, SFS is responsible for filing an inventory of the client‘s estate within 90 days of the court-appointment. Additionally, we file an annual accounting within 60 days of the original appointment, as required by statute. This accounting is prepared by the CPA firm, Karren, Hendrix, Stagg, Allen & Company, and is reviewed by legal counsel. The accounting must be approved by the court that appointed the Conservatorship. Once assets are located and harnessed, it is our responsibility to create a long-term plan to ensure that the client’s assets are used for their welfare and benefit. In determining how and where the assets are used, we consider our client’s standard of living, personal desires, past behaviors and estate plan (if applicable.) If there is a court-appointed Guardian, we work closely with the guardian to make sure the client is safe. If a client is going to outlive their resources, we determine what needs to be accomplished prior to qualifying the client for Medicaid.