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Conservatorship Assets; Obtaining Assets; Inventory and Appraisal

After an individual has been appointed conservator of an incapacitated individual or minor (“protectee”) with Letters of Conservatorship, the conservator has thirty (30) days to file an inventory and appraisal of the assets owned by the protectee. The inventory must include, among other things, a statement of all real estate, personal property, household goods, bank accounts, and investments owned by the protectee. All property possessed but not owned by the protectee must also be included in the inventory.

Although it seems cut and dry, determining ownership of property is not always easy. Title to property can often be clouded and unclear. In those situations, it is difficult for a conservator to clearly identify the protectee’s ¬†property on an inventory. If Court assistance is necessary or desirable, a conservator (or others, including a third party with an interest in assets) may file a petition in the pertinent Court to determine who has title and the right to possession of specific property. It is similar to a declaratory judgment action for contracts ¬†or a quiet title action for real estate. Once a judicial determination is made, then any dubious property can then be properly categorized and inventoried.

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