What Is a Conservatorship In Colorado?

There are some circumstances in which an individual is unable to manage their financial affairs due to advanced age, conditions such as Alzheimer’s disease or dementia, medical incapacity, or because they are a minor. In these cases, a conservatorship is often the answer, but what exactly is a conservatorship according to Colorado law? Our award-winning family lawyers in Denver, CO can help guide you through the legal process. Call us at (303) 451-0300 for a free case evaluation today.

The Colorado Uniform Guardianship and Protective Proceedings Act, §§ 15-14-101, C.R.S. through 15-14-433, C.R.S describes a conservator as follows:

“A person at least 21 years of age who has been appointed by a court to manage the estate (financial affairs) of another person (protected person), adult or a minor child (under the age of 18).”

What Does a Conservator Do?

A court process is required to appoint a conservatorship for a minor or an incapacitated person. Once appointed, a conservator has many important duties to effectively manage the subject of the conservatorship (the ward’s) financial affairs. These include the following:

• Managing the ward’s money, including paying their bills from their bank accounts
• Paying the ward’s taxes and debts from their accounts
• Handling their bank accounts and investment accounts
• Managing the ward’s property
• Filing yearly reports to show the court that they are responsibly managing the ward’s financial affairs and making decisions in the ward’s best interest

A conservator is a fiduciary, meaning their legal duties require them to make all financial decisions in the best interests of their ward. A conservatorship lasts until a minor ward comes of age or an elderly ward either regains their cognitive abilities or dies.

What Is the Difference Between a Guardianship and a Conservatorship In Colorado?

Sometimes individuals use the terms guardianship and conservatorship interchangeably, but they are not the same thing. A guardianship in Colorado is a legal arrangement in which a guardian manages the personal care and medical decisions for a minor, elder, or incapacitated person. Conversely, a conservator manages only the financial affairs of their ward, and is not responsible for overseeing the ward’s personal or medical care.

Understanding Types of Conservatorships In Colorado

Depending on the needs of the protected person, the court could appoint one of the following types of Colorado conservatorships:

• A general conservatorship is the most common type, appointing the conservator with broad authority to manage all aspects of the ward’s finances and property
• A limited conservatorship that grants authority to manage only specific areas of the ward’s financial matters, for instance, an elderly person may be capable of managing their checking account and paying their bills, but may no longer be able to manage their property and complex financial holdings
• An emergency conservatorship granting temporary authority for sudden incapacity, such as after the subject suffers a stroke or has an accident that leaves them temporarily incapacitated

An emergency conservatorship may be temporary, depending on the subject’s prognosis.

What Is the Process of Appointing a Conservatorship In Colorado?

To obtain a conservatorship over another requires first filing a petition with the probate court requesting it. The petitioner must show evidence, such as a medical report, to demonstrate to the court that the subject of the conservatorship isn’t capable of managing their financial affairs and property.

Often, the court appoints a qualified professional to evaluate the subject’s cognitive state as an objective third party who reports their findings to the court. If the court finds that the conservatorship is appropriate, it assigns a conservator, who then must protect the ward’s assets and manage their financial affairs, keeping precise records to prove that they are acting in the ward’s best interests.

A Colorado conservatorship attorney assists a prospective conservator with the process of petitioning the court and throughout the conservatorship to ensure that the conservator meets their fiduciary responsibilities and files appropriate yearly reports.