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Is a Conservator or Guardian Required to File an Inventory of the Property After a Conservatorship or Guardianship is Approved in Tennessee?

Posted on Feb 24 2014 11:14AM by Attorney, Jason A. Lee

A fiduciary (usually a conservator or guardian) who is responsible to manage the property of a minor or disabled person, is required to file an inventory with the court within 60 days after their appointment as a fiduciary.  T.C.A. § 34-1-110(a) provides as follows:

 

(a) If the fiduciary is to manage the property of the minor or person with a disability, within sixty (60) days after appointment, the fiduciary shall file a sworn inventory containing a list of the property of the minor or person with a disability, together with the approximate fair market value of each property and a list of the source, amount and frequency of each item of income, pension, social security benefit or other revenue. If the required information was included in the petition but not separately stated as an inventory, the inventory shall repeat the information provided in the petition and add any later discovered property or income sources.

 

It is very important for this inventory to be completed.  T.C.A. § 34-1-110(b) provides the court with the ability to hold the conservator or guardian in contempt of court if they fail to comply.  Additionally, under T.C.A. § 34-1-110(c) the court may enter an order revoking the fiduciary’s authority and appointing a substitute fiduciary.  If you have been appointed as a conservator or guardian in Tennessee and you are unaware of how to handle this requirement, contact a Tennessee attorney who handles conservatorships for assistance in complying with this statute.

 

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TAGS: Tennessee Conservatorship
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Jason A. Lee is a Member of Burrow Lee, PLLC. Contact Jason at 615-540-1004 or jlee@burrowlee.com for an initial consultation on wills estate planning and probate issues.

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Tennessee Wills and Estates Blog
Jason A. Lee, Member of Burrow Lee, PLLC
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E-mail: jlee@burrowlee.com

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