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When an adult (or married minor) is no longer able to handle his or her own affairs, the Probate Court may set up a “Conservatorship.” Generally, if the person (“Conservatee”) is no longer able to handle his or her financial affairs, a “Conservator of the Estate” is appointed to manage the assets and a “Conservator of the Person” is appointed to take care of the personal needs of the conservatee.
When the court establishes a conservatorship, the court is NOT making a determination that the person is “incompetent” under California law. Under the California Probate Code, there are many protections for the conservatee once the conservatorship has been granted.
A court may also approve a “Guardianship” for a minor and/or the minor’s property. The minor having a Guardianship is called a “ward.”
Both Conservators and Guardians are fiduciaries and are subject to the same general rules of conduct and court supervision. There are specific Probate Code provisions governing sales of real property from a conservatorship or guardianship and unique factors buyers should be aware of.
Incidentally, using a Living Trust is an excellent way to avoid having to have a costly and embarrassing court supervised Conservatorship process.
You can depend on your Realtors(c) at The Trust Team to help guide you.
