Conservator Annual Reporting in Minnesota: Accountings, Bonds, and CAAP Audits

The Reporting Obligations Start Immediately

The moment the court signs your Order of Appointment as conservator and you receive your Letters of Conservatorship (Form GAC511), a clock starts running on multiple reporting deadlines. Missing these deadlines can result in court sanctions, withheld professional fees, and in extreme cases, removal from the appointment.

Minnesota takes conservator accountability seriously because you are managing someone else's money. Every dollar of income and every expenditure must be documented, reported, and available for audit.

The 60-Day Inventory

Your first deadline is the initial inventory, due within 60 days of your appointment. You must compile a complete, itemized list of everything the protected person owns:

• Bank accounts (checking, savings, CDs) with current balances
• Investment accounts and brokerage holdings
• Real estate with estimated values
• Vehicles
• Personal property of significant value
• Life insurance policies and retirement accounts
• Outstanding debts and liabilities

This inventory must be filed electronically through the MyMNConservator (MMC) portal — the court's online reporting system. Paper filings are no longer accepted unless you have received a specific court order granting an exception.

The inventory establishes your baseline. Every future accounting will be measured against it. If you miss something in the initial inventory and it surfaces later, you will need to explain the discrepancy.

Annual Financial Accountings

After the initial inventory, you must file an annual accounting within 30 days of the anniversary of your appointment date (with up to 60 days allowed from the anniversary to finalize the submission). Each accounting must include:

• All income received during the reporting period — Social Security, pensions, investment returns, rental income, insurance payments
• All disbursements made — rent or facility charges, medical bills, insurance premiums, personal needs, attorney fees, conservator fees
• All assets on hand at the end of the period, with supporting documentation

Every entry must be supported by uploaded financial statements. The court wants to see the bank statements, not just your summary.

All accountings are filed through the MMC portal. The system walks you through the required categories, but it is not forgiving about completeness — if a field is left blank or a document is missing, the filing may be returned for correction.

The Surety Bond

Unless the court explicitly exempts you, you must purchase and maintain a probate surety bond before receiving your Letters of Conservatorship. The bond functions as insurance protecting the protected person's estate against mismanagement, theft, or waste.

The bond amount is set by the court. Annual premiums are calculated as a percentage of the bond amount — usually between 1% and 4%, depending on the surety company and the complexity of the estate.

The premium is paid from the protected person's assets, not your own funds. You will need to file the completed bond form along with the surety company's power of attorney with the probate court before your Letters are issued.

If the estate value changes significantly — a house is sold, an inheritance is received — you may need to adjust the bond amount. Notify the surety company and the court.

Guardian Annual Reporting (Personal Well-Being Reports)

If you are also serving as guardian (or if a family member holds the guardianship while you hold the conservatorship), the guardian must file an annual Personal Well-Being Report (Form GAC600) through the MyMNGuardian (MMG) portal. Since April 15, 2024, all guardians must e-file these reports — paper filing is only permitted with a specific court-ordered exception.

The well-being report covers the protected person's:

• Current mental, physical, and social condition
• Living arrangements and care plan
• Social activities and community participation
• A recommendation on whether guardianship is still necessary

The guardian must also serve the protected person and all interested parties of record with the Bill of Rights (Form GAC100) and the Annual Notice of Right to Petition for Termination or Modification (Form GAC203 for guardianship; GAC204 for conservatorship) within 30 days of the appointment anniversary. After completing service, file the Affidavit of Service (Form GAC202) through the portal.

The Conservator Account Auditing Program (CAAP)

CAAP is the court's mechanism for ensuring conservators are properly managing the estate. The auditing program reviews filed accountings for accuracy, completeness, and signs of mismanagement.

An audit may involve:

• Comparing reported income to expected income sources (does the Social Security amount match what SSA pays?)
• Checking that reported disbursements are reasonable and for the protected person's benefit
• Verifying that asset balances reconcile with the prior year's ending balances
• Reviewing large or unusual transactions — significant gifts, property transfers, investments

If CAAP identifies discrepancies, the auditor contacts the conservator for explanation. Unresolved issues can result in a court hearing where the conservator must justify their management of the estate.

Family conservators — adult children managing a parent's finances — are audited at the same standard as professional conservators. The courts do not apply a lighter standard because you are family.

Five-Year Background Checks

All court-appointed guardians and conservators who are not professional institutions must submit to an updated background check — including criminal history consent and fingerprinting — every five years throughout their service. This is a mandatory requirement, not optional.

What Happens If You Miss a Deadline

If you fail to file an annual accounting or well-being report on time:

• The court sends a notice of non-compliance
• Professional fee payments from the estate are withheld
• The court may schedule a hearing to determine whether you should be removed
• In serious cases, the court appoints a successor conservator or guardian

The Minnesota Legal Authority Kit includes a fiduciary compliance tracker designed specifically for court-appointed guardians and conservators — deadline calendars, document checklists, and the step-by-step process for each annual filing.

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