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February 19, 2009

Conservatorship

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Definition

Legal document issued by the court, appointing a legal guardian to handle the financial affairs of a person who is unable to handle such affairs due to  being physically and/or mentally incapacitated.

An individual who has a durable power of attorney may negate the need to have the court appoint a conservator

Referring Cite

State law

Additional Helpful Information

The IRA custodian/trustee or plan trustee should review the document to determine whether it places any limitations on the transactions that can be legally performed by the conservator.

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