General duty of conservator

(1) A conservator shall act as a fiduciary and shall observe the standards of care as set forth in Section 75B-2-902. (2) (a) For all estates in excess of $50,000 excluding the residence owned by the ward, the conservator shall send a report with a full accounting to the court on an annual basis. (b) For estates less than $50,000 excluding the residence owned by the ward, the conservator shall fill out an informal annual report and mail the report to the court. (c) A report under Subsection (2)(a) or (b) shall include a statement regarding: (i) all assets at the beginning and end of the reporting year; (ii) any income received during the year; (iii) any disbursements for the support of the ward; (iv) any investments or trusts that are held for the ward's benefit; (v) any expenditures or fees charged to the ward's estate; and (vi) any other expenses incurred by the ward's estate. (d) The Judicial Council shall approve the forms for the accounting reports described in Subsections (2)(a) and (b). (e) An annual accounting report under Subsection (2)(a) or (b) shall be examined and approved by the court. (3) (a) Corporate fiduciaries are not required to fully petition the court, but shall submit their internal report annually to the court. (b) A report under Subsection (3)(a) shall be examined and approved by the court. (4) Upon a motion and after a hearing, the court may alter the frequency of, or the information included in, an accounting report provided to a ward in accordance with Subsection 75-5-301.5(3)(l). (5) (a) The court may impose a fine in an amount not to exceed $5,000, if, after receiving written notice of the failure to file and after a grace period of two months have elapsed, a conservator or corporate fiduciary: (i) makes a substantial misstatement on filings of any required annual reports; (ii) is guilty of gross impropriety in handling the property of the ward; or (iii) willfully fails to file the report required by this section. (b) The court may also order restitution of funds misappropriated from the estate of a ward. (c) The penalty shall be paid by the conservator or corporate fiduciary and may not be paid by the estate. (6) These provisions and penalties governing annual reports do not apply if the conservator is the parent of the ward.