Appointment as conservator of an estate creates immediate responsibilities concerning the conservatee's property. One of the early tasks is identifying what the conservatee owns and establishing values for those assets. The California conservatorship inventory and appraisal provides the court and interested persons with a financial starting point for later supervision of the estate.

Probate Code section 2610 generally requires a guardian or conservator of the estate to file an inventory and appraisal within 90 days after appointment, unless additional time is allowed by the court for reasonable cause. The inventory is made as of the appointment date and must reflect property of the estate that is within the conservator's possession or knowledge.

California Judicial Council form GC-040, which is also designated DE-160 for decedent estates, is used for the inventory and appraisal. Certain assets, such as qualifying cash and deposit accounts, are generally appraised by the fiduciary, while other property is listed for appraisal by the probate referee under the applicable statutory procedures.

The California conservatorship inventory and appraisal may cover bank accounts, securities, real property, vehicles, business interests, valuable personal property, and other assets belonging to the conservatee's estate. Finding those assets sometimes requires substantial investigation, particularly when the conservatee previously handled finances independently or when records are incomplete. Statements, tax returns, deeds, insurance documents, mail, and electronic records may all help identify property.

Accuracy matters because the initial inventory becomes a benchmark for later accountings. If a residence valued and listed at the beginning of the conservatorship is later sold, the court can follow the proceeds through subsequent financial reports. Likewise, an asset omitted from the inventory may create questions later about when the conservator discovered it, whether it was protected, and how it was administered.

The inventory also affects broader conservatorship administration. Asset values may influence bond requirements, investment decisions, property management, tax planning, and the complexity of future accountings. For conservators in Los Angeles County, treating the inventory as merely a filing requirement can overlook its importance as one of the principal financial records in a court-supervised conservatorship.

A conservator who discovers additional property after filing should not simply ignore the discrepancy. The appropriate procedure can depend on the circumstances and the type of asset involved. Careful records showing when property was discovered, its value, and what was done with it help create a transparent history for later court review.

Key takeaways:

• A conservator of the estate generally must prepare and file an inventory and appraisal shortly after appointment.
• The inventory establishes an important baseline for later conservatorship accountings and court supervision.
• Some assets are valued by the conservator while other assets generally require appraisal under probate referee procedures.

Helpful educational links:

• https://courts.ca.gov/sites/default/files/courts/default/2024-11/gc040.pdf
• https://leginfo.legislature.ca.gov/faces/codes.xhtml
• https://selfhelp.courts.ca.gov/conservatorships

This article provides general information and is not legal advice. Conservators should carefully review court orders and applicable procedures when preparing the inventory and administering conservatorship assets. Call Westlake Law Group at (818) 444-2022. 30699 Russell Ranch Road, North Building, Suite 210, Westlake Village, California. Virtual consultations are available throughout Southern California.