Conservatorship of a Minor
A conservator is someone who has control over a minor’s finances. The conservatorship of a minor may be granted when the minor receives a substantial amount of money from an inheritance, insurance or retirement benefits or even a personal injury settlement. A conservator only protects the money of the child, they do not retain legal rights to make decisions regarding the personal affairs of the child.
For example, Thomas’s parents are killed in an accident. They leave him the entirety of their estate, which includes life insurance benefits. Thomas is only 11 years old. Thomas’s Aunt petitions the court to act as conservator of the estate until such time that Thomas reaches 18 years of age. Thomas’s aunt would not have legal guardianship over the boy, but would have control of the money until Thomas reached the age of majority.
A person does not have to be related to the child to petition probate court for conservatorship. While it is most common for the person to be a relative or close family friend, it is not legally required. Conservatorship comes with ethical and legal responsibilities and is something to be taken seriously.
Before a person pursues conservatorship of a minor in Howard County, MD, it is suggested that they seek the advice of an experienced family law attorney. The granting of conservatorship is a legal process that must be followed exactly to be successful. Reach out to an attorney today for more information.