What you need
Have your order of appointment, the inventory or last account, the year’s statements, and your approved plan. An adult conservator’s order sets the first report date. Its paragraph 9 reads “annually beginning on” a date the judge fills in. PP-403 ¶9 (opens in a new tab)
A conservatorship created before 2008 needs no annual report until the court orders one. §5-423(9) (opens in a new tab)
The example follows Ansel Pelletier, an invented individual whose conservator was appointed 03/14/2025. The order names 03/14/2026 as the first annual date. This is his first account, covering 03/14/2025 to 03/14/2026.
From item 1 to item 3
PP-407 (opens in a new tab) starts from the net values on the inventory’s line 26 or the last account’s item 3. Item 2 lists what changed them. Item 3 is what the estate holds now, and it opens the next account.
| 1. Real estate, net | $185,000.00 |
|---|---|
| 1. Tangible personal property, net | 7,700.00 |
| 1. Intangible personal property, net | 35,692.37 |
| 1. Total | $228,392.37 |
| 2. Income, Schedule A | + 23,590.44 |
| 2. Expenses, Schedule B | − 25,916.66 |
| 2. Net change in value, Schedule C | − 640.00 |
| 2. Distributions, Schedule D | 0.00 |
| 3. Real estate | 185,000.00 |
| 3. Tangible personal property | 1,200.00 |
| 3. Intangible personal property | 39,226.15 |
| 3. Total | $225,426.15 |
The form prints no equation. Its figures agree only when item 1, plus income, less expenses, plus or minus the change in value, less distributions, equals item 3.
Where the figures came from
| Social Security, $1,412.00 × 12 | $16,944.00 |
|---|---|
| Pension, $538.25 × 12 | 6,459.00 |
| Savings interest | 187.44 |
| Income | $23,590.44 |
| Assisted living, $1,650.00 × 12 | 19,800.00 |
|---|---|
| Property tax | 2,948.50 |
| Homeowner’s insurance | 1,126.00 |
| Pharmacy | 842.16 |
| Attorney | 1,200.00 |
| Expenses | $25,916.66 |
| Car sold below its inventory value | (1,300.00) |
|---|---|
| Fund, 200 shares, $45.00 → $48.30 | 660.00 |
| Net change | ($640.00) |
| Checking | 6,898.71 |
|---|---|
| Savings | 22,667.44 |
| Fund, 200 shares at $48.30 | 9,660.00 |
| Intangible | $39,226.15 |
The sale
The inventory valued Ansel’s car at $6,500.00. His conservator sold it for $5,200.00. The proceeds are not income. They move from tangible to intangible property. Only the $1,300.00 loss goes on Schedule C, which the form says covers gains and losses on a sale.
The house had no new appraisal, so it stays at $185,000.00. The furnishings stay at $1,200.00.
The rest of the report
PP-412 asks for the services the individual received, any change you recommend, gifts and business ties with providers, and whether a coconservator or successor can still serve.
Attach PP-407 as Exhibit A. Exhibit B is, as far as feasible, the latest bank, investment and debt statements, and a credit report if the court ordered one. Exhibit C is your most recently approved plan, with any departure from it explained. §5-423(2) (opens in a new tab)
The court reviews each report. It decides whether you did your duties, whether the conservatorship should go on, and whether to approve the fees you ask for. §5-423(5) (opens in a new tab)
Approval of the report itself is optional. You may petition for it. The petition costs $50. 18-C M.R.S. §1-602(11) (opens in a new tab)
Common mistakes
A blank line on PP-407
Item 1 says to fill in every line and enter 0 where a class holds nothing. Do the same on items 2 and 3.
Unredacted statements
Black out all but the last four digits of each account number, and the Social Security number. A credit report, if ordered, goes only to the individual. §5-423(2)(E), (4) (opens in a new tab)
No plan attached
Exhibit C goes with every report, even in a year when nothing changed.
The final report
The same form, with its reason box changed, is due on resignation, removal or termination. §5-423(1) (opens in a new tab) After termination, it goes with a petition for discharge. PP-413 (opens in a new tab) is that petition, and it also asks to discharge the bond.
When the individual dies, distribute the estate to the successors first. The final report and petition for discharge are due 30 days after distribution is complete. 18-C M.R.S. §5-427 (opens in a new tab)
An order approving the final report, after notice and hearing, discharges you for what it adequately disclosed. §5-423(8) (opens in a new tab)
Sources
- PP-412, Conservator’s Report (opens in a new tab), Maine Probate Courts
- PP-407, Conservator Account (opens in a new tab), Exhibit A to the report
- PP-403, Order of Appointment of Conservator (opens in a new tab), paragraph 9 sets the report date
- 18-C M.R.S. §5-423 (opens in a new tab), what the report holds and when
- Maine Rules of Probate Procedure (opens in a new tab), Rule 92.3, electronic filing
Also for Maine: PP-406, Inventory
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