What is a conservator's duty when it comes to managing the conservatee's assets?

The duty of a conservator in managing the conservatee's assets encompasses a range of responsibilities, but one of the most critical is to keep accurate records. This is essential for a number of reasons. First and foremost, accurate record-keeping ensures transparency and accountability in managing the conservatee's finances. It allows the conservator to provide clear and detailed reports to the court and any interested parties regarding the status of the assets, income, and expenses. This helps protect the conservatee's best interests and ensures compliance with legal and ethical obligations.

Moreover, maintaining meticulous records enables the conservator to make informed decisions based on a thorough understanding of the financial situation. This documentation can also serve as protection against potential disputes or claims regarding the handling of the conservatee's assets.

In contrast, limiting expenses, investing aggressively, and avoiding making a budget are not systematic duties of a conservator. While managing expenses can be part of the role, it is not the primary focus compared to the necessity of maintaining accurate records. Investing strategies should align with the conservative approach typically required in fiduciary roles, and budgeting is typically a critical part of sound financial management, not something to be avoided.