Michigan Inventory (Conservatorship) is a legal process that allows a court-appointed conservator to take control of a person's estate and manage it for their benefit. The conservator is responsible for managing the assets of the estate, including making investments, paying bills, and ensuring that the person's financial affairs are in order. There are two types of Michigan Inventory (Conservatorship): voluntary and involuntary. Voluntary conservatorship is when a person willingly seeks help from a court-appointed conservator to manage their estate. Involuntary conservatorship is when the court appoints a conservator to manage the estate of a person who is unable to do so themselves, such as when an individual is mentally incapacitated or has been declared incompetent. Michigan Inventory (Conservatorship) is an important and necessary legal process that helps ensure individuals are receiving the help they need to manage their financial affairs.
Michigan Inventory (Conservatorship)
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FAQ
In order to get a temporary guardianship, you must prove to the court that there is a true emergency and no other way to prevent the harm that could happen if a temporary guardian is not appointed. If available, you should provide the court with a statement from a doctor or social worker to support your position.
A conservator is restricted from selling or otherwise disposing of or to mortgage, pledge, or cause a lien to be placed on real property without court approval, pursuant to a hearing, at which the court considers evidence of the property's value and otherwise determines whether the sale is in the best interest of the
In a conservatorship, a person is appointed by the court to manage the financial affairs of a person. A person under the age of 18 in Michigan may need to have a conservatorship established if they. have money or property which needs to be managed by an adult.
A conservator is responsible for the collection, preservation, and investment of the individual's property and must use the property for the support, care, and benefit of the individual and his or her dependents.
The fundamental difference between a guardianship and conservatorship is that a guardianship controls the decision making affecting the well-being and care of an individual, whereas the conservatorship focuses specifically on decision making surrounding the estate, property and assets of an individual.
A conservator is a person appointed by a probate court and given power and responsibility for the estate (financial assets and property) of an adult (called a protected individual).
Is there a fee for filing an Inventory? For Decedent Estates ? Yes. For Conservatorships and Guardianships of Estates of Individuals with Developmental Disabilities ? No.
Ultimately, guardians can be said to make personal decisions on behalf of the protected person, such as medical or housing decisions. In contrast, conservators make decisions and take action regarding property and finances. Conservatorships must be established in the probate court.