Section 15.11 Conservator

• Library: Estate Administration 2014 Supp

B. (§15.11) Conservator

The conservator of the estate of a minor shall, under supervision of the court, protect, preserve, and manage the estate. Section 475.130, RSMo (H.B. 239, 95^th Gen. Assembly, 1^st Reg. Sess. (Mo. 2009)). The minor protectee’s assets must generally be invested in accordance with the provisions of the Missouri Prudent Investor Act, §§ 469.900–469.913, RSMo Supp. 2008. H.B. 239, § 475.190.1, RSMo. A conservator is required to apply such funds “as provided in this code, account for it faithfully, [and] perform all other duties required of the conservator by law.” Section 475.130. “In protecting, preserving and managing the estate, the conservator . . . is under a duty to use the degree of care, skill and prudence which an ordinary prudent person uses in managing the property of, and conducting transactions on behalf of, others.” Id. A conservator who has special skills is required to use those skills. Id. “A conservator . . . is under a duty to act in the interest of the protectee and to avoid conflicts of interest which impair the conservator’s ability so to act.” Id. As to what the conservator is allowed to invest in, see § 475.190. The changes made by House Bill 239 to § 475.190 have expanded the types of investments the conservator can make.

Upon the termination of the conservatorship, the conservator shall deliver the assets of the protectee to the persons entitled to them; if the termination is because of the death of the minor, the assets will be delivered to the minor’s estate. Section 475.130.1.

The current conservator shall take possession of all of the protectee’s property, both real and personal, and of rents, income, issue, and profits from the property, regardless of when they accrued, and of the proceeds arising from the sale, mortgage, lease, or exchange of the property. Section 475.130.2. Even though the conservator is granted possession of the property, legal title remains...