Quiz – Introduction to Property Filings Introduction to Property Filings First Name* Last Name* Email* Every conservator over the property for a person with a disability is required to file an inventory unless the court order specifically waives the requirement.* True False The inventory should include all personal property items owned by the respondent and all real property (ex. land, buildings, houses).* True False As conservator, I only need to mail a copy of the Inventory to the interested parties with whom I get along.* True False Every conservator over the property for a person with a disability is not required to secure a bond.* True False The bond is like an insurance policy that helps to protect the money and other property of the respondent. The bond amount is determined by the conservator.* True False If real property belonging to the person with a disability is sold the amount gained may require a new bond to be set.* True False The property management plan is a court approved budget that tells the court what types of payments the conservator will make from the respondent’s assets and how the conservator will invest those assets.* True False If the property management plan form asks for information already in the inventory, the conservator can skip that part.* True False Guardian ad litem fees, attorney fees, income tax preparation fees and investment management fees must be pre-approved by the Court.* True False There are two (2) types of accountings in a conservatorship case, Interim and Final.* True False The first Annual Accounting is due twelve (12) months from the date the Interim accounting is due. The annual accounting includes a detailed list and description of all the property owned by the respondent.* True False The detailed accounting form should contain the combined totals of the accounts obtained from each financial information form total.* True False The List of Financial Accounts form is a list of each financial account the respondent owns and the corresponding information for each. Each account on the List of Financial Accounts form will need a Financial Accounting Form.* True False The Financial Information Form provides the Court with a total of receipts and disbursements for each account. All financial statements and cancelled check images will need to be provided for each account for the accounting period.* True False The Detailed Accounting Register form provides a list of the receipts and expenditures for each account. A separate Accounting Register is not required for each account.* True False A complete copy of the respondent’s tax return is required to be filed along with the accounting unless the respondent is not required to file a tax return. The conservator must provide a statement to the court which states the following: a. No tax return is due b. Gross income and c. Legal basis for the exemption* True False The legal basis for an exemption for filing a tax return can be found on the IRS website.* True False If you fail to submit your accounting when it is due, you risk: citation; being summoned to a show cause hearing; being held in contempt of court; and monetary consequences.* True False An Annual Status Report is not required to be included with the Financial Accountings submitted to the Probate Court Clerk’s Office. Only financial documents are required.* True False You should contact your attorney if you have any questions about how to file your accounting.* True False
