A conservatorship is established by the Probate Court when it can be demonstrated that an individual is no longer capable of handling their finances, either due to illness or mental incapacity. The court can appoint a friend, family member or third-party to act as a conservator. Once a conservatorship is established on behalf of an incapacitated individual (conservatee), the conservator has a fiduciary duty to act in a manner consistent with ensuring the conservatee’s best interests.
Once a conservator is appointed, they must:
Inventory the conservatee’s assets;
Protect & maintain the conservatee’s assets, including real property;
Mange conservatee’s finances, including investing the conservatee’s money;
Arrange for conservatee’s medical care;
Determine where conservatee will reside;
Ensure that the conservatee’s bills are paid;
File taxes on behalf of the conservatee and pay any taxes due;
File for permission from the Court to sell any of the conservatee’s assets;
Keep detailed financial records;
Regularly file financial accountings with the court.
If you have a loved one who has become mentally or physically incapacitated and you wish to speak with a knowledgeable Estate & Probate attorney for advice and information regarding establishing a conservatorship, contact us for an expert legal consultation.