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Inventory - Conservator

Darren Findling of The Probate Pro discusses the duty of a conservator to prepare, file and serve an Inventory. (833) PROBATE https://www.TheProbatePro.com Facebook:   / theprobatepro   LinkedIn:   / the-probate-pro-plc   Instagram:   / theprobatepro   Twitter:   / the_probatepro   _________________________________________________________________ Addresses: Michigan Office: 414 W. Fifth Street Royal Oak, Michigan 48067 Illinois Office: 1525 East 53rd Street, Ste 439 Chicago, Illinois 60615 Florida Office: 941 West Morse Blvd., Suite 100 Winter Park, Florida 32789 Please Call - (833) PROBATE _________________________________________________________________ Legal Disclaimer: This video is for educational purposes only and is not to be considered legal advice. The Probate Pro, PLC, QuietTitle.com and any other entities of The Darren Findling Law Firm, PLC do not claim to be an “expert” or “specialist” in their legal practice areas. The Inventory of a conservator. Hi, I’m Darren filling of The Probate Pro and we're going to cover SCAO form pc674 SCAO state court administrative order pc for probate court and the form of 674. this form can be readily obtained through the internet or you're welcome to call my office we're happy to provide it free of charge as you can see from the red rectangle where the title is it is a particular type of form used in a particular context in this case a conservatorship it's not the same inventory that's used in a deceased probate administration and it can also be used although it says conservator in the very narrow circumstances where a guardian may be managing assets and there's a need for the guardian to not only do annual reporting about the well-being of the individual but also some accounting to the court as to assets upon which they are managing now with all of these state court administrative order forms they are created by various statutes and court rules and as you can see from the hovering arrow I’ve highlighted the two that are referenced on the form mcl is a statute 700.54 and that statute provides that the conservator has to uh fill this out file it and then serve it within 56 days and it's to be served also upon the person upon the protected individual upon which they're serving as the fiduciary it's filed with the court and it's served upon any of the interested parties that set forth in the court rule 5.125 and 5.105 so again I’m using a lot of statutes and court rules and with this form like any of the other state court administrative order forms we strongly urge you to work with a skilled competent probate lawyer to make sure that you understand how to use the form to be assured that you don't breach your fiduciary duties the core rule that's referenced here is MCR 5.409 and again this relates specifically to inventories in the guardianship context it happens but not that often so let's address this form and understand how you complete it in the top left corner in the blue rectangle you'll see you identify the county upon which the probate conservatorship is pending in the top right corner the case number the file number the top section has a little bit of a note what they call a use note it says that you have to complete the inventory and serve it upon the interested parties as subject by the court rules that's 5.105 and 5.125 which identify who the interested parties are within a conservatorship context in addition there is a requirement that after it's completed filed and served that a proof of service is then completed and that's SCAO form pc564 I’ve covered that form in another video you're happy now you'd be you can watch that video to understand how that form is used and filed and then of course it has to be filed with the court to show evidence that it was done and served according to the statute and court rule in the matter of in that section it's simply an identification of the name of the estate the name of the conservatorship estate and the I section you're identifying the name you are the conservator you may be the successor conservator you may be a special conservator but you are the conservator you identify your name and you are asserting to the court that you're submitting a complete and accurate inventory of all of the assets that include the market valuations as of the date that you became the conservator so you want to get a valuation around the date you became the conservator so a bank statement that identifies or corresponds to the date you became the conservator maybe a state equalized value based on the date uh you became the conservator and so on so you want to get as close to the date you became the conservator as possible in addition the person that you're serving as conservator may own the asset with other people or maybe part of a larger entity like an LLC so you also want to identify whether they own it jointly tenants in common tenants by