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Conservatorship

When a person is determined to be so incapacitated that he or she cannot manage their own financial affairs, personal or health care decisions, a Conservator may be appointed by the court. A Conservator may be appointed to act over "the estate" (financial) and/or over "the person" (health care and personal matters, or both). If you want to designate a person or persons to handle your affairs, you may want to consider executing a financial power of attorney and/or an advanced health care directive. In this case, the need for the court to appoint a conservator may be avoided.

There are different types of conservatorships. They include:

  1. Conservator of the Person
  2. Conservator of the Estate
  3. Limited Conservator (for developmentally disabled persons only)

In emergency situations, the court can appoint a Temporary Conservator to serve in any of the three types.

If you are appointed as conservator, no matter what your specific appointment is, all of your actions as conservator are subject to review by the court. An attorney is best qualified to advise you about these matters.

Star One's account requirements when a conservatorship is involved include the following:

  1. The Conservatee must be within the Credit Union field of membership
  2. A certified copy (not a photo copy) of the court issued Letters of Conservatorship must be provided
  3. The Conservator must complete a Star One Membership Application and Account Card form. Note: Signature must be notarized or guaranteed or proper identification must be provided to a Star One Account Services representative.

Termination or Revocation of a Conservatorship

A conservator must care for the conservatee's finances until the court issues an order relieving him or her from responsibility. This ordinarily happens when:

  1. The conservatorship estate is depleted
  2. The conservatee regains the ability to handle his/her own finances, or
  3. The conservator becomes unable or unwilling to handle the responsibilities. In this situation, the conservatorship itself does not end, but someone else must be court appointed to take over the conservator's duties.
Note: The planning tips and guidelines on these pages are not intended as legal advice, nor to be construed as legal advice. For any legal or tax issues related to your personal situation, you should consult a qualified legal professional or tax advisor.
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