Elder care & accounting · legal focus

Sherman Oaks Conservatorship & Elder Fiduciary Accounting

When a conservator manages an adult’s estate, California law emphasizes records, protection of assets and court supervision. This is where “elder care and accounting” can become a formal legal accounting issue.

California conservatorship accountings

California Rule of Court 7.575 states that, unless waived under the applicable Probate Code provisions, a conservator or guardian of the estate must file accountings in the frequency, manner and circumstances specified by law. The court can order more frequent accountings.

The same rule specifies information that must appear in court accountings and addresses supporting documents. It also distinguishes standard and simplified accountings and sets conditions for when a simplified accounting may be used.

Official source: California Rule of Court 7.575.

What the accounting process is designed to show

• Assets being managed for the conservatee.
• Money received during the accounting period.
• Payments made for the conservatee or estate.
• Changes in investments or other property.
• Assets remaining at the end of the period.
• Supporting financial statements and documentation where required.

Recordkeeping is part of the fiduciary job

California’s standards of conduct for conservators of the estate include keeping accurate records of transactions. Good records make periodic accounting easier and make it possible to explain the management of the estate to the court and interested persons.

Official source: California Rule of Court 7.1059.