Broadly speaking, a conservatorship is an arrangement where one person/entity is controlled by another person/entity. In a sense, then, a conservatorship is very similar to a trust arrangement in that one person/owns property that is being handled by another.
In Missouri, a conservatorship usually refers to property which is legally owned by a minor but is controlled by an adult. This arrangement is in place because minors (i.e., those under 18) are often incapable of handling large sums of money or property. To have a formal conservatorship in place, one must petition for Letters of Conservatorship. in the correct probate court. Missouri law lays out when Letters may be granted:
(1) Where the minor has no parent living; or
(2) Where there is a natural guardian of the minor and where the court finds that the best interests of the minor require letters of conservatorship for all of his estate.
Contact us with any questions pertaining to conservatorship.