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Conservatorships aren’t permanent in Colorado

On Behalf of | Jun 21, 2019 | Firm News, Guardianships & Conservatorships |

A conservator is someone who’s appointed to manage an incapacitated person’s property and finances. They’re generally selected by a Colorado judge for this role after they present evidence that an individual’s money is at risk of being wasted or lost. Once instituted, a protected person can request for the conservatorship over them to be terminated only in certain situations.

According to the Colorado Revised Statutes 15-14-102(5), an incapacitated adult is described as someone unable to properly comprehend or evaluate information necessary to make a reasoned decision. If an individual is unable to adequately take care of their own health or safety, then they may also be considered to be an incapacitated adult.

To be appointed as a conservator over someone in Colorado long-term, an individual must be 21 and related to their ward by adoption, marriage or blood.

It’s the responsibility of the conservator to protect the value of a ward’s assets, to make financially prudent decisions on their behalf and to otherwise manage their money. They’re required to file a variety of reports with the court including an annual one letting them know what actions they’ve taken over the course of the past year.

A ward can request for a judge to terminate their conservatorship provided that they can provide evidence that they no longer meet the conditions for one to exist. A conservator can also ask to resign their role, but a judge has to sign off on their request. They may order them to continue to oversee their ward’s affairs until they appoint a successor conservator. A conservatorship also is terminated when you die.

If your request to have your conservatorship ended is denied, then you may still be able to have your conservator replaced with someone else. This is especially the case if you can provide evidence that your current one isn’t carrying out their assigned responsibilities. If your request is approved, then your judge will appoint an alternate one for up to six months.

Conservators are supposed to aid you in managing your assets and finances while you’re unable to do so. If they do something that’s not in your best interest, then you may be able to convince a Broomfield judge that it’s time for a change. An attorney can help you convince a judge as to what’s the best possible solution in your particular situation.