Conservator

When do you need one?

A conservator is appointed by the County Court when an individual does not have a Durable Power of Attorney for Assets and is not capable of effectively managing assets.

How do you get one?

An interested party files a petition for appointment with the County Court.

At a hearing the Court must determine by clear and convincing evidence that the individual is impaired by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication or other causes to the extent that the individual is unable to manage property and has property that will be wasted or dissipated unless management is provided.

What can the conservator do?

The conservator has the duty to deal with the assets of the estate as a prudent person dealing with the property of another. If the conservator has special skills or is named conservator upon representation of special skills, he or she must use those skills.

A conservator must file an inventory with the Court and must account to the Court.

The Conservator has broad powers in investing, reinvesting, holding, managing and disposing of estate assets. The State Statutes set forth twenty-five specific areas in which the conservator may act without court authorization or confirmation.

The Conservator generally can spend in the income and principal of the estate for the support, education, care or benefit of the individual without Court order.

The Conservator has the right to possession of all estate assets.

When does the authority of the Conservator end?

On order of discharge from the Court.
Determination of incapacity of the conservator.
Removal or resignation.
Determination that the individual is no longer incapacitated.

What can a conservator do?

Borrow money, mortgage, et cetera.
Execute tax returns and other documents.
Exercise rights relating to insurance and other benefit plans.
Acquire information.
Open safe deposit box.
Authority to make gifts. Gifts to the power of attorney must be authorized in the document.
Authority to create trusts.
Selection of assets for distribution for the purpose of acquiring cash for the payment of the individual's debts and expenses.
Do all other things.