Colorado § 15-14-418 General duties of conservator - financial plan

Colorado Statutes

§ 15-14-418 — General duties of conservator - financial plan

Colorado·Title 15 Probate,·Art. Persons Under Disability - Protection

(1)A conservator, in relation to powers conferred by this part 4 or implicit in the title acquired by virtue of the proceeding, is a fiduciary and shall observe the standards of care applicable to a trustee.

(2)A conservator shall take into account the limitations of the protected person, and to the extent possible, as directed by the order of appointment or the financial plan, encourage the person to participate in decisions, act in the person's own behalf, and develop or regain the ability to manage the person's estate and business affairs.

(3)Within a time set by the court, but no later than ninety days after appointment, a conservator shall file for approval with the appointing court a financial plan for protecting, managing, expending, and distributing the income and as

Free access — add to your briefcase to read the full text and ask questions with AI

(1) A conservator,
in relation to powers conferred by this part 4 or implicit in the title acquired by
virtue of the proceeding, is a fiduciary and shall observe the standards of care
applicable to a trustee.

(2) A conservator shall take into account the limitations of the protected
person, and to the extent possible, as directed by the order of appointment or the
financial plan, encourage the person to participate in decisions, act in the person's
own behalf, and develop or regain the ability to manage the person's estate and
business affairs.

(3) Within a time set by the court, but no later than ninety days after
appointment, a conservator shall file for approval with the appointing court a
financial plan for protecting, managing, expending, and distributing the income and
assets of the protected person's estate. The financial plan shall be based upon a
comparison of the projected income and expenses of the protected person and
shall set forth a plan to address the needs of the person and how the assets and
income of the protected person shall be managed to meet those needs. The
financial plan must be based on the actual needs of the person and take into
consideration the best interest of the person. The conservator shall include in the
financial plan steps to the extent possible to develop or restore the person's ability
to manage the person's property, an estimate of the duration of the
conservatorship, and projections of expenses and resources.

(4) In investing an estate, selecting assets of the estate for distribution, and
invoking powers of revocation or withdrawal available for the use and benefit of the
protected person and exercisable by the conservator, a conservator shall take into
account any estate plan of the person known to the conservator. The conservator
may examine the will and any other donative, nominative, or other appointive
instrument of the person.

(5) A conservator shall file an amended financial plan whenever there is a
change in circumstances that requires a substantial deviation from the existing
financial plan.

Colorado § 15-14-418 (General duties of conservator - financial plan) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.