In Minnesota, a conservator is necessary for a minor child who:
- is inheriting more than $10,000.00 of money
- is inheriting any real estate
- is receiving a settlement in a lawsuit (in some cases)
- is the beneficiary of a life insurance policy
In order to be appointed as Conservator for a minor child, there is a court process involved. The process involves petitioning the Court. There is a hearing required. At the conclusion of the hearing, a conservator will be put in place. The conservator then has the legal authority to receive the money on behalf of the minor and invest/manage it. Sometimes a “protective order” is put in place where the conservator will put the minor’s money in a restricted bank account or investment until the minor turns 18. Sometimes the minor’s money will be more readily available for the conservator to use for expenses that are necessary for the minor’s well-being.
Since the process requires a significant amount of paperwork and a court hearing, many people find it useful to have an attorney represent them throughout the process. Cindi is happy to answer your questions about minor conservatorships and discuss fees and representation. Contact Cindi Spence at Spence Legal Services at (763) 682-2247 to further discuss your needs.