Conservatorship is a legal arrangement wherein a court appoints a person to take care of another person who cannot take care of themselves. In other states, they call this arrangement guardianship. There are different types of conservatorship, and they vary state by state. In general, these arrangements put the conservator or guardian in charge of the person’s finances and estate, including paying bills and selling their property.
The terms guardianship and conservatorship are somewhat interchangeable. These arrangements will last until the person regains the ability to take care of themselves or if the person passes away. Conservators and guardians are typically family members, friends, or professionals that are appointed by the court.
For minors, children cannot legally own an inherited property left to them directly. Conservators and guardians help young people manage their assets. The duties and responsibilities of the conservator depend on whether or not the child’s parents are still alive. In most cases, the guardians are also the minor’s parents. If they are not incarcerated or unsuited to take care of the child, they will assume the responsibilities for the minor.
The conservator will oversee and take responsibility for all the assets and property of the conservatee, including all the expenses that come with them. For properties, the conservator will take care of the management, taxes, and mortgages of the estate.
Under conservatorship, conservators are the ones who will file tax returns and pay taxes that are due on behalf of the person or minor. These responsibilities are done by the guardian or conservator of the person. For minors, the court-appointed conservator is the one responsible for filing a detailed breakdown of how the child’s assets are spent.
For people with special needs, conservatorships typically last forever. However, the person can terminate the agreement. They will have to give the judge a written letter requesting the agreement to end. For minors, guardianship will end when they are of legal age. All of the assets and property left to the minor will be handed over to them.
This legal arrangement is made when a person cannot make their own decision and carry out their responsibilities. Hiring a professional is a huge help. They will clarify this arrangement for you and help you understand it. Beth Sparks Hunt Attorney at Law in Colorado Springs, Colorado will guide you through every step of the way. Call us today to learn more.
