(1) If required by the court, a conservator must file with the court a plan for investing, protecting, managing, expending, and distributing the assets of the conservatorship estate no later than ninety (90) days after the court’s order of appointment or order to file a plan. If a plan is required and there is a significant change in circumstances, or if the conservator seeks to deviate significantly from the conservator’s plan, a conservator must file with the court a revised plan no later than ninety (90) days after the change in circumstances or decision to deviate from the plan. Every plan must be based on the needs of the ward and take into account the best interest of the ward as well as the ward’s preferences, values, and prior directions, to the extent known to or reasonably ascertainable by the conservator. Along with other items determined necessary by the court, the conservator’s plan must include:

(a) A budget containing projected expenses and resources, including an estimate of the total amount of fees the conservator anticipates charging per year and a statement or list of the amount the conservator proposes to charge for each service the conservator anticipates providing to the individual;

(b) How the conservator will involve the individual in decisions about management of the conservatorship estate;

(c) Any step the conservator plans to take to develop or restore the ability of the ward to manage the conservatorship estate; and

(d) An estimate of the duration of the conservatorship.

(2) A conservator must give reasonable notice of the filing of the conservator’s plan under subsection (1), together with a copy of the plan, to the ward, a person entitled to notice under Section 93-20-411(5) or a court order, and any other person the court determines. The notice must include a statement of the right to object to the plan and be given not later than fourteen (14) days after the filing.

(3) A ward and any person entitled under subsection (2) to receive notice and a copy of the conservator’s plan may object to the plan.

(4) The court must review the conservator’s plan filed under subsection (1) and determine whether to approve the plan or require a new plan. In deciding whether to approve the plan, the court shall consider objections made under subsection (3) and whether the plan is consistent with the conservator’s duties and powers. The court may not approve the plan until thirty (30) days after its filing.

(5) After a conservator’s plan under this section is approved by the court, the conservator must provide a copy of the plan to the ward, a person entitled to notice under Section 93-20-411(5) or a court order, and any other person the court determines.