What individuals need a Conservator?
There are two main categories of conservatorships. First, minors receiving funds exceeding $10,000 from an inheritance, insurance proceeds or other beneficiary designated funds, personal injury settlements, or sale of real estate. Second, individuals over the age of eighteen that suffer from a mental or physical illness or disability; mental deficiency; advanced age; chronic use of drugs or alcohol; or any other cause to the extent that the individual lacks sufficient understanding, insight or capacity to make responsible decisions concerning their financial affairs and have not executed the proper legal documents to name an agent to make decisions for them. (ie.) Durable Power of Attorney.
