A conservator is a “person appointed by a court to manage a protected individual’s estate.” A conservator has broad powers to handle all assets held on behalf of the protected individual and to make payments from the assets for the health, benefit, and welfare of the protected individual, including all the powers of a trustee. A list of specific powers that the conservator may exercise without court authorization or confirmation, unless the court otherwise provides, is set forth in these powers include the following:
- to invest or reinvest funds in accordance with the Michigan Prudent Investor Rule
- to retain assets in which the conservator has a personal interest
- to exercise powers and duties relating to stock ownership
- to hold stock in the name of a nominee
- to continue and participate in the operation of the protected individual’s business
- to open a bank account
- to acquire or lease real estate
- to repair, erect, or demolish real estate improvements
- to purchase insurance
- to borrow money to be repaid from estate property
- to pay or settle claims by or against the estate
- to employ professionals
- to respond to environmental concerns
The statute also authorizes a conservator to sell real estate, but only with court approval after a hearing with notice to interested persons.
A conservator is obligated to pay the protected individual’s bills out of the conservatorship estate, to the extent possible.