Guardianship generally denotes the protective proceedings over the medical, residential (placement), and personal affairs of an individual, as differentiated from that person’s financial and business affairs (which fall under conservatorship). In Michigan a guardianship is a wholly separate fiduciary appointment in probate court from conservatorship, such that a guardian and conservator over one individual can be the same person or different people.
Conservatorship generally denotes the protective proceedings over the financial and business affairs of a person, as differentiated from that person’s medical, residential (placement), and personal affairs (which fall under guardianship). In Michigan a conservatorship is a wholly separate fiduciary appointment in probate court from guardianship, such that a conservator and guardian over one individual can be the same person or different people.
An estate plan is the blueprint of a person’s wishes for the handling of his assets and affairs during both his or her lifetime and after his or her death. One of its most important aspects is to prove a person with the peace of mind that surviving family members will be able to move forward with as few obstacles as possible when that person is no longer around. This includes not only disbursement of a person’s property and finances (through the use of a will or living trust but it can also designate who will take care of minor children and any funds that they inherit (through the appointment of a guardian or conservator). Finally, a proper estate phttps://www.rothlawpractice.com/probate/guardianshiplan should also be able to anticipate and take action if a person becomes sick or disabled and unable to take care of his or her own affairs (through the use of powers of attorney).
Estate administration generally refers to the process of administrating the estate of a deceased person. This can occur both with a will through the probate court and with a trust in or out of probate court. Estate administration of a will is generally referred to as Probate Administration; administration of a trust, Trust Administration.
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