Becoming a conservator may seem like a daunting task, filled with responsibility and challenges. Allow Martin Foldie Law to ease your worries and assist you in all of your conservatorship needs.
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.
- Getting a conservatorship can be time-consuming, especially without the added assistance of a dedicated lawyer;
- Conservatorship hearings are public record;
- Court supervision dictates conservatorships in order to provide a level of security to the protected persons and/or property.
Role of Conservatorship
- Investing or reinvesting funds in accordance with the Michigan Prudent Investor Rule;
- Retaining assets that the conservator has 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 includes 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 used up
- The current conservator dies or resigns
- In this instance, the original arrangement is still intact and a new conservator is appointed