Iowa Code § 633.641: Duties of conservator.

1. A conservator is a fiduciary and has duties of prudence and loyalty to the protected person.

2. In investing and selecting specific property for distribution, a conservator shall consider any estate plan or other donative, nominative, or appointive instrument of the protected person, known to the conservator.

3. If a protected person has executed a valid power of attorney under chapter 633B, the conservator shall act in accordance with the applicable provisions of section 633B.108.

4. The conservator shall report to the department of health and human services the protected person’s assets and income, if the protected person is receiving medical assistance under chapter 249A. Such reports shall be made upon establishment of a conservatorship for an individual applying for or receiving medical assistance, upon application for benefits on behalf of the protected person, upon annual or semiannual review of continued medical assistance eligibility, when any significant change in the protected person’s assets or income occurs, or as otherwise requested by the department of health and human services. Written reports shall be provided to the department of health and human services office for the county in which the protected person resides or the office in which the protected person’s medical assistance is administered.