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Senior Options, Inc.

Conservatorship

Similar to a Guardianship, a Conservatorship is appointed by the court. The appointed Conservator has powers and duties over the protected person's estate to manage and preserve the assets. A Conservator is appointed when the court has determined that the protected person is unable to manage their financial affairs due to a medical decision and when there are no less restrictive alternatives.

The court may grant all or some of the Powers of the Person which are:

  • Power to pay for reasonable care, support, maintenance and education for the protected person.
  • Power to pay for all just and lawful debts of the protected person from the protected person's estate.
  • Power to take control of and manage the protected person estate, collect all debts and claims on behalf of the protected person and to prudently invest funds not needed for debts.
  • Power to approve or withhold approval of contracts.
  • Power to apply for government benefits on behalf of the protected person.

In addition, the conservator may petition the court for approval to sell real estate, institute a law suit or facilitate an estate plan for the protected person.

A Conservatorship is under court supervision and the appointed Conservator is required to file an inventory of the protected person assets. Then each year the Conservator is required to file an accounting with the court which reflects all income and expenses of the protected person. A court hearing is required the first year and every three years thereafter.

Less restrictive alternatives to Conservatorship are:

  • Durable Power of Attorney
  • Representative Payee
  • Joint Accounts
  • Trust
  • Family Member

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Disclaimer: Information provided is for information only and should not be considered as legal reference.

Senior Options, Inc.
Kim Tophen
P.O. Box 49097
Blaine, MN 55449
Senior Options, Inc. Bonded and Insured
Phone: 763-792-4472
Fax: 763-792-4492
Kim@SeniorOptionsInc.com

 
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