Protecting the vulnerable requires legal help

The need for a conservatorship can arise for many reasons: when a minor child receives a large sum of money, when an adult is seriously injured or ill, or when an elder suffers dementia or related ailment. All these situations may require another person to come in and take over management of the vulnerable person’s money and property.

Under Iowa law, minors do not have their own individual right to make important decisions on their behalf. For instance, they cannot enter into binding contracts or receive large sums of money in their own names. Sometimes children can receive large sums from an inheritance, or a life insurance policy, or, unfortunately, from an insurance company compensating the child for injuries caused by someone else’s negligence.

Conservatorships can also be established because a person does not have the ability to manage their own finances due to disability or mental illness. That person is known as the “protected person” under Iowa law. A conservator is someone appointed by the court to handle the protected person’s financial matters. A conservator is a sworn officer of the court and has a fiduciary duty to look out for the person’s best interests. This means the conservator must handle the money for the protected person’s benefit and not his or her own benefit. Conservators can get into serious trouble and even incur criminal charges if they misuse the protected person’s funds. That’s why conservators must regularly provide an accounting of how they managed the protected person’s money.

If you believe that a relative or close friend is unable to manage their own financial affairs, you need Legue Law to help you navigate the situation.