For someone who is no longer able to manage their finances due to age, disability, or illness, updating your estate plan and setting up a conservatorship ensures that their assets are protected and responsibly managed. The process, however, can feel complex and overwhelming.
That’s where the experienced team at Law Office of Julie A. Paquette comes in. With a deep commitment to providing personalized legal solutions, our firm has helped countless families across Michigan navigate the conservatorship process with ease and confidence.
What Is a Conservatorship?
A conservatorship is a legal arrangement where the court appoints a person, known as the conservator, to manage financial matters for someone who cannot handle their own affairs (referred to as the protected individual or ward).
Unlike guardianships, which involve personal or medical decisions, conservatorships are focused solely on financial matters such as:
- Paying bills
- Managing bank accounts and investments
- Handling real estate and property
This legal process is often necessary for older adults with dementia, individuals with disabilities, or those temporarily incapacitated.
1. Determine the Need for a Conservatorship
A conservatorship is necessary when:
- The individual is unable to manage their financial affairs due to physical or mental limitations.
- No power of attorney is in place.
- There is concern about financial mismanagement or exploitation.
2. Evaluate Less Restrictive Alternatives
It’s important to consider less restrictive alternatives to a conservatorship, such as a durable power of attorney. An experienced estate planning attorney can help assess whether a conservatorship is appropriate or if other legal options might be a better fit.
3. File a Petition with the Probate Court in Michigan
The conservatorship process begins by filing a petition in the probate court of the county where the individual resides. The petition must provide details about the person’s condition and why a conservatorship is necessary.
4. Notify Interested Parties
After the petition is filed, the court will notify close family members and other interested parties, ensuring they have the opportunity to express support or raise concerns about the proposed conservatorship.
5. Appointment of a Guardian ad Litem (if necessary)
In some cases, the court may appoint a guardian ad litem, especially if the individual is a child or incapacitates. The guardian ad litem investigates the situation and makes a recommendation to the court regarding whether a conservatorship is in the best interest of the person involved.
6. Attend the Court Hearing
A court hearing will be scheduled to review the petition. During this hearing, any objections or recommendations from the guardian ad litem or interested parties will be considered. The judge will decide if the conservatorship is necessary.
7. Court’s Decision and Issuance of Letters of Conservatorship
If the court approves the petition, the judge will issue Letters of Conservatorship, granting the conservator authority to manage the individual’s financial affairs. The court will specify the conservator’s duties to ensure proper management of assets.
What Are the Responsibilities of a Conservator?
A conservator has several critical responsibilities to ensure the financial well-being of the protected individual, including the following:
- Managing and overseeing financial accounts
- Protecting the individual’s property and assets
- Providing regular financial reports to the court
- Avoiding conflicts of interest and acting solely in the individual’s best interest
At Law Office of Julie A. Paquette, we help conservators understand their legal responsibilities under Michigan’s Estates and Protected Individuals Code (EPIC), ensuring they comply with state laws and court requirements.
How Long Does a Conservatorship Last?
A conservatorship remains in effect until one of the following occurs:
- The protected individual regains the ability to manage their finances.
- The protected individual passes away.
- The court decides the conservatorship is no longer necessary.
If circumstances change, a conservator or any interested party can petition the court to modify or terminate the conservatorship.
Contact Us at Law Office of Julie A. Paquette Today
Setting up a conservatorship in Michigan is a vital step when a loved one can no longer manage their financial affairs. With proper legal guidance, the process can help ensure that their finances are protected and responsibly managed.
Our attorneys have years of experience and are here to assist you in making the right decisions for your family. Contact us to schedule an initial consultation.
