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Conservatorship of a Minor
A Conservator of a minor child
is a person, appointed by the judge to manage money and property for someone under
the age of 18. The Conservator is usually a parent or sometimes a financial institution.
The minor child for whom the Conservator is appointed is referred to by law as a
A Conservator cannot be appointed until after a court hearing. If the minor is 14
years old or older, the judge will consider the minor's preference in deciding who
will be named as Conservator.
The judge may order the Conservator to obtain a bond to protect the minor's assets.
Bonds insure protection against theft or fraud by the Conservator and are obtained
from insurance companies. A bond may NOT be required if the judge orders all of
the funds be placed in a "restricted" bank account, which requires a court order
before the bank can release the funds.
If the funds are not restricted, the Conservator must keep detailed records of all
financial transactions which show the dates, amounts and types of all financial
transactions, with receipts. Once a year, the Conservator must file a petition for
approval of an accounting with the court which lists all financial transactions
since the appointment date and all financial transactions for the year in review.
The next year another accounting must be filed and approved, which show all the
transactions since the last court apporval, and so on until the court case is dismissed.
When the minor reaches age 18, the minor or the Conservator must ask the court to
end the Conservatorship, release the funds and discharge the Conservator from further
liability. If a court order for termination and discharge is not entered, the Conservator
is still liable for the use of the minor's money.