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A conservatorship is gonna involve the court. It’s gonna be a court procedure whereby you’re dealing with an incapacitated adult or maybe a minor child who has a settlement coming, something along those lines, but typically an incapacitated adult, and most likely they do not have a validly-executed, durable financial power of attorney in place, or they may have been able to avoid the conservatorship altogether. But it’s a petition to the court. The individual is referred to as the protected person. You have to have – the protected person, themselves, is given the lawyer. There’s a court investigator involved. There’s a physician involved. Lawyers all around. So it’s typically a process whereby the court goes ahead and issues an order for someone – and there are statutes that list people in order of priority – but for someone to go ahead and manage the financial affairs of somebody who’s become incapacitated.
Phoenix, AZ estate planning attorney Michelle A. Booge explains what conservatorship is.