What action should a conservator take when an estate is at risk of running out of funds?

A conservator has a fiduciary duty to act in the best interests of the conservatee, who may be unable to manage their own financial affairs. When an estate is at risk of depleting its funds, proactive communication is essential. Approaching the conservatee to discuss options demonstrates an understanding of the conservatorship's collaborative nature and helps ensure that the conservatee's preferences and needs are taken into account.

Engaging the conservatee in this discussion can reveal valuable insights into their priorities and lifestyle, enabling the conservator to make informed decisions about managing the remaining assets. It may also present an opportunity to explore alternative strategies to safeguard the estate's resources, such as adjusting spending or identifying potential streams of income. This approach fosters transparency and helps to maintain trust between the conservator and the conservatee.

In contrast, quickly selling off all assets could lead to a loss of value and does not take into consideration the overall circumstances of the estate or the wishes of the conservatee. Ignoring the situation entirely would be neglectful and contrary to the responsibilities of a conservator. Transferring management to another conservator may not address the immediate financial concerns and could complicate the situation further. Therefore, fostering open dialogue about the estate and options is a