Conservatorships

Conservatorships

​A Conservator is a person granted authority by the Court to be responsible for the "estate" of an adult ("Protected Individual") or minor child. A Conservator is needed if an individual is unable to effectively manage his or her property or business affairs.. Upon appointment, a Conservator of a Protected Individual must accumulate, preserve, and protect the assets of the Protected Individual. If the Conservatorship is over a minor's estate, the Conservator must keep all the minor's funds in a restricted account and file proof of that with the Court annually. 

Conservatorship of a Protected Individual 

Procedure for becoming a conservator for a minor:

When a minor child receives an asset, including money, and a conservator is required, a petition can be filed to have a conservator appointed.  If you or another party wish to be appointed the conservator for a minor, the Petition for Appointment of Conservator needs to be completed. An Acceptance of Appointment is required to be completed by the person who you wish to be appointed as conservator. If the minor is 14 years of age or older, the minor must also sign the Petition where indicated in Paragraph 17. The Court requires all persons involved in the conservatorship to approve the petition and may require a waiver/consent from each interested person.
 
The Court will issue restricted letters of authority after receiving the required documentation and filing fee. The court may require a surety bond be filed by a conservator in certain cases. Certified copies of Letters of Authority can be purchased for $12.00 each.

RESTRICTED LETTERS OF AUTHORITY: Monies are deposited by the conservator and the financial institution would complete the Restricted Account Agreement. The conservator is required to file an Inventory of the assets that you have been given authority over with the court within 56 days from the date of your appointment. The Restricted Account Agreement should be attached to the Inventory form when filed with the Court.

The conservator is required to file annual accounts within 56 days after the end of the accounting period. There is a $20.00 filing fee required when accounts are filed. The accounting period ends on the anniversary date of the issuance of the letters of authority (this is the date you were appointed). The conservator must attach a copy of the applicable financial institution statement to the annual account of fiduciary. The conservator can attach multiple copies of financial institution statements, if appropriate.

Accounts need to be filed and approved each year. Accounts are approved by serving a copy of the account on all interested persons (including the minor, if 14 years of age or older) and either scheduling a hearing or obtaining waiver/consents from all interested persons.
 

Surety Bonds: If the total unrestricted assets + 1 year’s income under your control as conservator exceed $21,000 the court is required to order you to maintain a surety bond, which is like an insurance policy for the assets under your control.  You may obtain a surety bond through an approved surety company (see link to list below).  An insurance agent may be able to help you obtain a surety bond.  The surety company will charge an annual premium for the bond.  Rates can vary widely from company to company, as well as based on the credit score of the conservator seeking the bond, so shop around.  Bond premiums may be paid out of the assets of the ward’s estate.   Finding surety FAQs

Bond Approval Form (PC 570)


Training:
  The court holds conservator training generally on the  third Thursday of each month at 2:00 p.m. in Jury Assembly Room B at the Judicial Center.  Check with the court for the specific schedule.

If you have questions, please feel free to contact Court staff at (517) 546-3750, or view information online at www.co.livingston.mi.us.

While the Livingston County Probate Court will consider any and all requests to use funds from the estate of a minor on behalf of the minor, it is the general policy of the Court that parents are responsible for all the normal ordinary expenses of rearing children.

It is the policy of the Court that the estate is to be preserved for the child's use upon attaining the age of majority, and routine expenses such as clothing, food, shelter, birthday parties, class trips, routine medical and dental care, and other expenses normally associated with child rearing will not ordinarily be allowed. If this explanation is unclear and you have questions, please feel free to contact Court staff at (517) 546-3750.

While the Livingston County Probate Court will consider any and all requests to use funds from the estate of a minor on behalf of the minor/ it is the general policy of the Court that parents are responsible for all the normal ordinary expenses of rearing children.
It is the policy of the Court that the estate is to be preserved for the child's use upon attaining the age of majority, and routine expenses such as clothing, food, shelter, birthday parties, class trips, routine medical and dental care, and other expenses normally associated with child rearing will not ordinarily be allowed.