- Consult with a lawyer for advice.
- QIT Steps
- Draft QIT
- Select trustee
- Calculate what income is going into the QIT and complete Schedule A to reflect the income
- Go to bank and open QIT account using SSN of beneficiary
- Once funded, set up automatic ACH payments to the facility so that the QIT empties each month
FAQ Category: OCM FAQ
How do I know if a conservatorship is the correct decision making tool to use?
The TN Center for Decision Making Support has resources. Also, consult with a lawyer that provides conservatorship representations.
What do I do when the respondent dies?
Conservator for Person: File the Death Certificate with the Probate Court Clerk’s Office. Submit a note with the filing to request an Order to close the conservatorship. If there is an attorney of record, ask them to submit an order to close the conservatorship.
Conservator for Property: File the Death Certificate with the Probate Court Clerk’s Office. Submit the Final Accounting showing a balance of zero. Submit a note with the filing to request an Order to close the conservatorship. If there is an attorney of record ask them to submit an order to close the conservatorship.
Where do I file the annual status report?
The Annual Status Report can be found at https://circuitclerk.nashville.gov/conservatorship-annual-status-report/ (1) mailed to the Probate Court Clerk’s Office, P.O. Box 196300, Nashville, TN, 37219-6300; (2) faxed 615-296-4502; (3) efiled https://circuitclerk.nashville.gov/eFile/ or (4) you can visit the Clerk’s Office in the Historic Metro Courthouse located at 1 Public Square, Suite 303, Nashville, TN 37201.
What is the difference in a (conservator) surety bond and a bail bond?
A (conservator) surety bond provides financial compensation to the conservatorship estate should the conservator fail to properly exercise their financial fiduciary duty. A bail bond is used to release a person who has been arrested on a criminal matter from jail.
Who do I contact if I need help completing the accounting?
Contact your attorney if you need assistance with your accounting. OCM Educational Materials may be found on the OCM website: http://ocm.nashville.gov/ or on YouTube and should greatly assist in properly fulfilling your fiduciary duties. There is also a sample accounting packet on our website you may use as a guide.
What is the difference between a property management plan and an inventory?
The property management is a Court approved budget that tells the Court how the conservator will manage the respondent’s assets, pay for the respondent’s needs, and how the conservator plans on investing any remaining assets. The Inventory is a complete list of the respondent’s personal property, real property, and income. The inventory tells the Court all that the respondent possesses.
When is Inventory Due?
The Inventory is due sixty (60) days from the date of your appointment as conservator unless the inventory was separately stated as an inventory in the petition.
When are the Annual Accountings due?
An Interim Annual Accounting is due six (6) months after the date of your appointment as conservator. Annual Accountings are due twelve (12) months from the date of your Interim Annual Accounting and every twelve (12) months thereafter.
When is the Annual Status Report due?
An Annual Status report is due six (6) months after the date of your appointment as conservator. An Annual Status report is due twelve (12) months from the date of the first Annual Status Report and every twelve (12) months thereafter. The status report form is a form you can download from the Probate Court Clerk’s website (see above). The conservator is required to include with each status report a statement concerning the physical or mental condition of the respondent, which statement shall demonstrate to the court the need, or lack of need, for the continuation of the fiduciary’s services.