If the court appoints a conservator, the conservator will decide most issues involving the ward's money and property and will file the accountings described in Section (5)(b). If the court does not appoint a separate conservator, the guardian has some of the conservator's responsibilities. If you, as guardian, do not want those added responsibilities, ask the court to appoint a separate conservator.
As guardian, you must manage your ward's money and property to pay for his or her support, care and education. If your ward has money and property beyond what is needed for support, care and education, a conservator, either you or another, should invest the excess. Utah Code Section 75-5-312 and 75-5-424.
Involve your ward in the estate management as much as possible, and keep your ward informed. If your ward is able to maintain a small checking account and to pay routine bills, encourage him or her to do so, to provide a higher level of self esteem.
You may use your ward's funds only for his or her benefit. You may take into account your ward's accustomed standard of living. Utah Code Section 75-5-425. If family members express concern about the cost of your ward's care, your responsibility is to your ward, not the heirs.
Open a checking account in the name of the guardianship or conservatorship to deposit income and pay bills. Completely describe each transaction. If the balance in the checking account accumulates beyond your ward's needs, transfer the excess to an interest bearing account or other investment in the name of the guardianship or conservatorship. If you need to withdraw money from the investment account to pay for an extraordinary expense, first transfer the money into the checking account.
Keep your ward's property - including money - separate from yours, and use your ward's property only for his or her benefit. Manage your ward's property as you would want someone else to handle yours. Consult your lawyer or financial counselor to answer specific questions.