Utah Code 75-5-417. General duty of conservator
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(1) A conservator shall act as a fiduciary and shall observe the standards of care as set forth in Section 75-7-902.
Terms Used In Utah Code 75-5-417
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Conservator: means a person who is appointed by a court to manage the estate of a protected person. See Utah Code 75-1-201 v2
- Court: means any of the courts of record in this state having jurisdiction in matters relating to the affairs of decedents. See Utah Code 75-1-201 v2
- Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Utah Code 75-1-201 v2
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes a personal representative, guardian, conservator, and trustee. See Utah Code 75-1-201 v2
- Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
- Parent: includes any person entitled to take, or who would be entitled to take if the child died without a will, as a parent under this title by intestate succession from the child whose relationship is in question. See Utah Code 75-1-201 v2
- Petition: means a written request to the court for an order after notice. See Utah Code 75-1-201 v2
- Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See Utah Code 75-1-201 v2
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Ward: means a person for whom a guardian has been appointed. See Utah Code 75-1-201 v2
(2)
(2)(a) For all estates in excess of $50,000 excluding the residence owned by the ward, the conservator shall send a report with a full accounting to the court on an annual basis.
(2)(b) For estates less than $50,000 excluding the residence owned by the ward, the conservator shall fill out an informal annual report and mail the report to the court.
(2)(c) A report under Subsection (2)(a) or (b) shall include a statement regarding:
(2)(c)(i) all assets at the beginning and end of the reporting year;
(2)(c)(ii) any income received during the year;
(2)(c)(iii) any disbursements for the support of the ward;
(2)(c)(iv) any investments or trusts that are held for the ward’s benefit;
(2)(c)(v) any expenditures or fees charged to the ward’s estate; and
(2)(c)(vi) any other expenses incurred by the ward’s estate.
(2)(d) The Judicial Council shall approve the forms for the accounting reports described in Subsections (2)(a) and (b).
(2)(e) An annual accounting report under Subsection (2)(a) or (b) shall be examined and approved by the court.
(3)
(3)(a) Corporate fiduciaries are not required to fully petition the court, but shall submit their internal report annually to the court.
(3)(b) A report under Subsection (3)(a) shall be examined and approved by the court.
(4) Upon a motion and after a hearing, the court may alter the frequency of, or the information included in, an accounting report provided to a ward in accordance with Subsection 75-5-301.5(2)(t).
(5)
(5)(a) The court may impose a fine in an amount not to exceed $5,000, if, after receiving written notice of the failure to file and after a grace period of two months have elapsed, a conservator or corporate fiduciary:
(5)(a)(i) makes a substantial misstatement on filings of any required annual reports;
(5)(a)(ii) is guilty of gross impropriety in handling the property of the ward; or
(5)(a)(iii) willfully fails to file the report required by this section.
(5)(b) The court may also order restitution of funds misappropriated from the estate of a ward.
(5)(c) The penalty shall be paid by the conservator or corporate fiduciary and may not be paid by the estate.
(6) These provisions and penalties governing annual reports do not apply if the conservator is the parent of the ward.