If an individual, because of some physical or mental illness or disability, is unable to manage their legal or financial affairs, someone will have to act in their stead. If before their incapacity they had executed a durable power of attorney and/or a living trust, the person(s) designated in those instruments could take over their affairs without having to go to court.
Where the person had not executed a durable power of attorney and/or a living trust, it may be necessary for the person’s family member to have to initiate a proceeding in the probate court. In such a proceeding, the judge will appoint a conservator who will be authorized by the court to act on the disabled individual’s behalf.
The conservator will be required to file an inventory of the person’s assets, and account to the court on a regular basis as to financial affairs of the incapacitated person.
In Michigan, a person under the age of 18 is deemed to be a minor. Therefore, they are not permitted to own titled property or enter into legal contracts. When a minor receives or inherits property from another, the law will require that such property be held in a conservatorship. In such cases, the court will determine what money may be spent for the minor, and how the assets may be invested. Like conservatorships for adults, these proceedings will require regular accountings to the court.
If you need to look into a conservatorship for a family member, our attorneys are experienced in such proceedings, and can assist you in this process.
Contact Us via email or call our Bloomfield Hills office at 248-642-5535 or our Ortonville office at 248-627-2808.