1.1 	A bill for an act
1.2 	relating to civil law; providing for use of financial
1.3 	planners in preparing a conservator's inventory for
1.4 	the court; providing a certified public accountant's
1.5 	audit to be used in the conservator's annual
1.6 	accounting; amending Minnesota Statutes 2004, sections
1.7 	524.5-419; 524.5-420.
1.8 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.9 	Section 1. Minnesota Statutes 2004, section 524.5-419, is
1.10 	amended to read:
1.11 	524.5-419 INVENTORY; RECORDS.
1.12 	(a) Within 60 days after appointment, a conservator ~~shall~~ 
1.13 	must prepare and file with the appointing court (1) a detailed
1.14 	inventory of the estate subject to the conservatorship~~, together~~
1.15 	~~with~~ ; and (2) an oath or affirmation that the inventory is
1.16 	believed to be complete and accurate as far as information
1.17 	permits.
1.18 	(b) A conservator may consult with a certified financial
1.19 	planner to develop a plan to manage the estate of the protected
1.20 	person.  The plan must be submitted to the court for its
1.21 	approval within 60 days after appointment.
1.22 	(c) A conservator ~~shall~~ must keep records of the
1.23 	administration of the estate and make them available for
1.24 	examination on reasonable request of the court, ward, protected
1.25 	person, or any attorney representing such persons.

1.26 	Sec. 2. Minnesota Statutes 2004, section 524.5-420, is
2.1 	amended to read:
2.2 	524.5-420 REPORTS; APPOINTMENT OF VISITOR; MONITORING.
2.3 	(a) A conservator ~~shall~~ must report to the court for
2.4 	administration of the estate annually unless the court otherwise
2.5 	directs, upon resignation or removal, upon termination of the
2.6 	conservatorship, and at other times as the court directs.  An
2.7 	order, after notice and hearing, allowing an intermediate report
2.8 	of a conservator adjudicates liabilities concerning the matters
2.9 	adequately disclosed in the accounting.  An order, after notice
2.10 	and hearing, allowing a final report adjudicates all previously
2.11 	unsettled liabilities relating to the conservatorship.
2.12 	(b) A report must state or contain a listing of the assets
2.13 	of the estate under the conservator's control and a listing of
2.14 	the receipts, disbursements, and distributions during the
2.15 	reporting period. Bank records must be considered as proof of
2.16 	expenditures.
2.17 	(c) An audit completed by a certified public accountant who
2.18 	has been approved by the court must be accepted by the court as
2.19 	the report of administration of the estate.
2.20 	(d) The court may appoint a visitor to review a report or
2.21 	plan, interview the protected person or conservator, and make
2.22 	any other investigation the court directs.  In connection with a
2.23 	report, the court may order a conservator to submit the assets
2.24 	of the estate to an appropriate examination to be made in a
2.25 	manner the court directs.
2.26 	~~(d)~~ (e) The court ~~shall~~ must establish a system for
2.27 	monitoring ~~of~~ conservatorships, including the filing and review
2.28 	of conservators' reports and plans.