Have you become a conservator for a loved one?
Whether you were appointed or filed a petition to become a conservator, it is important to understand the numerous and sometimes complex duties involved.
Not only are you taking care of another person, but you are taking care of someone that is now dependent on you. That’s right. Unlike a power of attorney, conservatorships do not allow the conservatees to specify how their property or assets should be managed or how they should be taken care of. It is now up to you to make the best decision for them and their future. Although being a conservator may be distressing, you are not in this alone. With the guidance of an Ann Arbor conservatorship attorney, you will be able to give your loved one the best care.
Your role as a conservator is not black and white – it varies depending on the type of property and assets your loved one has and the kind of care that they may need. Upon appointment, the court will send you the “Letters of Conservatorship” that is crucial to read in order to understand the restrictions and other rules involved in your conservator duties. Since the letter transfers the title of the conservatee’s property and assets over to you, it will be the permission slip that will allow you to begin your duties.
One of your first duties will involve opening a fiduciary bank account. This account will be the place in which the conservatee’s assets are transferred under your name. In Ann Arbor, you must be careful not to withdraw cash from the fiduciary account, not mix your assets with the conservatee’s assets, or use the conservatee’s assets as your own in any way. Similar laws will be riddled throughout your conservatorship duties – so make sure that you do not break any of these restrictions if you do not want to face termination. To ensure that you do not break any of the conservatorship restrictions, a conservatorship attorney can put you on the best path to be a great conservator for you loved one.