What Is A Conservatorship?

A conservatorship is a legal arrangement in which a court appoints a responsible person (called a conservator) to manage the financial affairs and property of someone who is unable to do so themselves. In Colorado, conservatorships are established to protect individuals who cannot manage their own financial and business matters due to incapacity or minority status.

Conservatorship vs. Guardianship

While often discussed together, conservatorships and guardianships serve different purposes:

Conservatorship

Focuses on managing the protected person's financial matters, including bank accounts, investments, real estate, paying bills, and handling business affairs.

Guardianship

Focuses on the protected person's personal care, including healthcare decisions, living arrangements, and day-to-day welfare.

In some cases, the same person may serve as both guardian and conservator, while in other situations, different individuals may be appointed to each role.

When Is a Conservatorship Needed?

A conservatorship may be necessary when an individual cannot manage their financial affairs due to:

• Dementia, Alzheimer's disease, or other cognitive impairments
• Severe mental illness
• Developmental disabilities
• Traumatic brain injury or stroke
• Being a minor who has inherited assets
• Physical disability preventing management of affairs

The Colorado Conservatorship Process

1. Filing a Petition: An interested party files a petition with the district court, explaining why a conservatorship is needed.
2. Notice and Investigation: The proposed protected person and interested parties receive notice. The court may appoint a visitor or guardian ad litem to investigate.
3. Hearing: The court holds a hearing to determine if a conservatorship is necessary and who should serve as conservator.
4. Appointment and Bond: If approved, the court appoints the conservator and typically requires a bond to protect the estate.
5. Ongoing Management: The conservator manages the estate, files regular reports with the court, and obtains approval for major decisions.

Duties of a Conservator

A conservator has significant responsibilities, including:

• Taking possession of and protecting the protected person's assets
• Creating and filing an inventory of all estate property
• Paying bills and managing income
• Managing investments prudently
• Filing tax returns on behalf of the protected person
• Keeping detailed records of all transactions
• Filing annual accountings with the court
• Acting in the best interests of the protected person

Alternatives to Conservatorship

Before seeking a conservatorship, consider whether less restrictive alternatives may be appropriate:

• Durable power of attorney (if executed while the person had capacity)
• Representative payee for Social Security benefits
• Joint bank accounts
• Living trusts
• Supported decision-making arrangements

How We Can Help

Whether you need to establish a conservatorship for a loved one or have been appointed as a conservator, our experienced attorneys can guide you through the process. We help families understand their options, navigate court proceedings, and fulfill ongoing conservatorship duties in compliance with Colorado law.