How Do I Account for the Ward's Finances?

Being trusted to manage someone else's money is a serious responsibility, and Washington courts expect you to prove, in writing and on a schedule, that you have handled it faithfully. If you have been appointed to look after a loved one's finances in Snohomish County, here is what the law requires.

Financial Accounting Is a Conservator's Duty

The first thing to understand is which role carries the accounting obligation. Washington law separates the person who makes personal decisions from the person who manages money. Under RCW 11.130.010, a guardian handles the individual's personal affairs, while a conservator handles the property or financial affairs and manages what the statute calls the conservatorship estate. The duty to inventory assets and file financial accountings belongs to the conservator. If you were appointed only as a guardian, the reporting rules below generally do not apply to you, because you are not the one managing the money.

A conservator is not just a helper; the law treats the role as a fiduciary one. Under RCW 11.130.505, a conservator has duties of prudence and loyalty, must invest and manage the estate as a prudent investor would, and must keep the protected person's interests first. Accurate accounting is how the court confirms those duties are being met.

Start With a Plan and an Inventory

Two documents come due early. First, under RCW 11.130.510, a conservator must file a plan with the court within ninety days of appointment for protecting, managing, and distributing the estate's assets. That plan includes a budget of projected expenses and resources, an estimate of the fees the conservator expects to charge, and how the conservator will involve the protected person in decisions. Interested parties receive notice of the plan and may object, and the court reviews it before approval.

Second, under RCW 11.130.515, a conservator must prepare and file a detailed inventory of the conservatorship estate within ninety days of appointment, along with an oath that the inventory is believed to be complete and accurate. This inventory is the financial starting line. It tells the court exactly what the person owns, from bank accounts and real estate to vehicles and personal property, so everyone has a baseline against which later activity can be measured. The same statute requires the conservator to give notice of the inventory filing to the protected person and other interested parties within fourteen days, and to keep organized records of the administration that can be examined on reasonable request.

Keep Meticulous Records Throughout

Good accounting is really just good recordkeeping done consistently. From day one, a conservator should keep the protected person's money entirely separate from their own, deposit funds in properly titled accounts, and save documentation for every transaction. Receipts, invoices, bank statements, and notes explaining unusual expenses all matter. The statute expressly requires the conservator to maintain records of the administration and make them available for examination, so treating recordkeeping as an afterthought is a mistake. When it is time to file a report, a conservator who kept clean records simply organizes what they already have, while one who did not scrambles to reconstruct a year of activity from memory.

File Periodic Reports and Accountings With the Court

The heart of the accounting obligation is the periodic report. Under RCW 11.130.530, a conservator must file a report with the court by the date the court sets, and also upon resignation, removal, or termination of the conservatorship. That report must contain an accounting listing the property in the estate along with the receipts, disbursements, liabilities, and distributions during the reporting period. It must also list the services provided to the protected person, include a copy of the most recently approved plan with an explanation of any deviations from it, and recommend whether the conservatorship should continue. Where feasible, the conservator attaches recent financial statements showing the status of bank and investment accounts, with account numbers and Social Security numbers redacted.

The court does not simply file these reports away. The same statute directs the court to review each report, generally at least annually, to confirm that the conservator complied with their duties, that the conservatorship should continue, and that any requested fees are reasonable. A conservator must petition the court to approve the report, and once approved, the order sets the due date for the next one. The court may space future reports at annual, biennial, or triennial intervals depending on factors like the conservator's track record, the size of the estate, and whether any concerns have surfaced. Approval of a report also carries legal weight: an approved interim report can settle questions about the matters it adequately disclosed, and an approved final report can discharge the conservator from liability for what was properly reported.

What Happens If Something Looks Wrong

The reporting system is also a monitoring system. Under RCW 11.130.530, if the court has reason to believe a conservator has not met their duties, it can require additional information, appoint a court visitor to investigate, and hold a hearing that could lead to removal of the conservator or a change in the terms of the conservatorship. This is why accuracy and honesty matter so much. Small errors are correctable, but concealment or self-dealing can end a conservatorship and expose the conservator to personal liability. If you receive something of value from a vendor serving the protected person, or you have a business relationship with someone paid from the estate, the statute requires you to disclose it in the report rather than hide it.

You Do Not Have to Do This Blind

Financial accounting for a loved one can feel overwhelming, especially the first time a report comes due and you are unsure whether your records will satisfy the court. Getting the structure right early, with clean accounts, a solid inventory, and a habit of documentation, makes every future filing easier and protects you as the fiduciary.

If you have been appointed conservator for a family member in Snohomish County and want to be confident your inventories and accountings will hold up in court, the Law Office of Chad Foster can help you set up your recordkeeping, prepare your filings, and meet your obligations under Washington law. Reach out and let us help you get it right.