About Us – Definitions – Conservatorship

About Us – Definitions – Conservatorship
July 6, 2016 nodinx

A conservatorship often becomes necessary if a person has failed to do their estate planning, and that person no longer has the capacity to make their own financial decisions.

A Conservatorship is a legal relationship, in which a competent adult has obtained court-ordered legal authority over another individual (who is no longer capable of managing his or her financial affairs.) A conservator will likely be required to: Take possession of all the protected person’s property and income; Use the protected person’s funds to pay the protected person’s obligations; Make prudent investments with the conservatorship assets; Pay, contest, or settle claims submitted against the conservatorship assets; Make detailed annual accountings to the court.