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Form 4-998. Conservators report. STATE OF NEW MEXICO ...

Form 4-998. Conservators report. STATE OF NEW MEXICO ... 2025

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Rule 7.12—Form 6 outlines the requirements for conservators to complete and file an Inventory of Assets for a Protected Person within ninety days of their appointment. The form details the assets owned by the Protected Person, including real estate, vehicles, securities, life insurance, bank accounts, household contents, retirement assets, and other items. It aims to provide the court with a comprehensive overview of the Protected Person's financial situation and must be shared with relevant parties.

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What is the statute of conservatorship in New Mexico?

A conservator is authorized to generally manage all aspects of the incapacitated persons estate, including operating any business, investing funds, buying and selling property, and employing accountants and attorneys, pursuant to 45-5-424 NMSA 1978. In re Estate of Gardner, 1992-NMCA-122, 114 N.M. 793, 845 P.

What are the two types of conservatorship?

The conservator, by assuming the responsibility for these matters, becomes legally accountable to the court. There are two types of conservatorship managed by the Public Guardian: Lanterman-Petris Short (LPS) Conservatorships and Probate Conservatorships.

Can a guardian and conservator be the same person?

Q: Can a guardian and conservator be the same person? Yes, a ward may have either a guardian or conservator, although he or she will usually have both. A minor or incapacitated person who is incapable of handling his or her own personal affairs will usually be incapable of managing financial matters.

What are the disadvantages of being a guardian?

There may be an unnecessary infringement of the alleged incapacitated persons privacy, freedom and loss of decision-making authority. The appointed guardian may over time become overly protective, dominating and arbitrary.

What is the difference between conservatorship and guardianship in New Mexico?

A guardian may help manage the protected persons healthcare needs, medical appointments and housing. A conservator may help manage the protected persons finances, investments and properties. The exact duties of a guardian and conservator are customized to the needs of the protected person.

What are the disadvantages of conservatorship?

People under conservatorship are stripped of their civil liberties and their autonomy. Conservatees are at risk of abuse and exploitation by their conservatorships.

Form 4-998. Conservators report. STATE OF NEW MEXICO ... 2025

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Form 4-998. Conservators report. STATE OF NEW MEXICO ... 2025

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What is the statute of conservatorship in New Mexico?

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