Becoming a conservator can be a daunting task, filled with responsibilities and challenges. Allow Martin Foldie Law to ease your worries and assist you in all of the legal obligations a conservatorship brings.
Conservatorship vs. Guardianships
While both Guardianships and Conservatorships are legal protectors, a conservator focuses primarily on the financial decisions and affairs of the protected person and/or property. In some states, a conservatorship is referred to as an adult guardianship.
Similar to a guardianship, in order to obtain court recognition of a conservatorship, one must be able to provide evidence regarding the subject’s mental wellbeing. Typically, conservatorships are given to a close family member. It is important to note that only one person may be considered a conservator at any given time.
- Achieving a conservatorship can be time-consuming, especially without the added assistance of a dedicated lawyer.
- Conservatorship hearings are a matter of public record.
- Court supervision dictates conservatorships in order to provide a level of security to the protected person(s) and/or property.
Role of Conservatorship
- Investing or reinvesting funds in accordance with the Michigan Prudent Investor Rule.
- Retaining assets in which the conservator has a demonstrated personal interest.
- Exercising designated powers and duties pertaining to stock ownership.
- Holding stock.
- Continued participation in the operation of the protected individual’s business.
- The ability to open a bank account.
- Acquiring or leasing real estate.
- The ability to repair, erect, or demolish improvements to an estate.
- Purchasing insurance.
- Paying and/or settling claims.
- Employing professionals.
- Responding to environmental concerns.
Conservatorship Financial Support and Termination
Being a conservator is costly and time-consuming. This is why many who are appointed receive reasonable financial compensation, which can include any special expenses and appropriate payment for their services. These payments are typically taken from the protected party’s assets.
- The protected party dies.
- The protected party no longer requires their services.
- The assets are depleted.
- The current conservator dies or resigns (in this instance, the original arrangement is still intact and a new conservator is appointed).