Fiduciary Services

Estate services refer to the professional or fiduciary assistance provided in planning for, managing during incapacity, and administering after death a person's assets, debts, and wishes. This often involves fiduciaries and overlaps with conservatorship when incapacity occurs.

Key components include:

• Estate administration (probate) — After death, an executor (named in a will) or court-appointed administrator gathers assets, pays debts and taxes, files accounts, and distributes property to beneficiaries. This person acts as a fiduciary.
• Trust administration — Trustees manage assets held in a trust (which can avoid or simplify probate) according to the trust terms, for the benefit of beneficiaries.
• Incapacity management — This is where conservatorships come in, often handled through estate planning attorneys or professional      fiduciary services.
• Professional fiduciary services — A&G offers conservator, trustee, executor services. They provide expertise, impartiality (especially in family conflicts), and compliance with court or legal requirements.

Estate services help ensure assets are protected, taxes minimized, wishes followed, and transitions smooth—whether for incapacity or death.

How These Connect

• A conservator is a type of fiduciary focused on an incapacitated living person’s finances.
• An executor or trustee is a fiduciary for an estate or trust after (or sometimes during) life.
• Our estate services include handling of estate clean outs and real estate sales.

   A conservatorship is a court-supervised arrangement where a judge appoints a conservator (also called a fiduciary in this context) to manage the financial affairs of an adult who can no longer make sound decisions about their money, property, or estate due to incapacity (e.g., from dementia, injury, or disability).

• It focuses primarily on financial matters: paying bills, managing investments, collecting income, handling contracts, selling property if needed, and using assets to pay for the person's care.
• It is distinct from guardianship, which typically covers personal decisions (medical care, living arrangements, daily needs). Some states combine or use the terms differently; in Minnesota, guardianship often addresses personal matters while conservatorship handles finances.
• The process involves a court petition, notice to the person, possible investigation, a hearing, and evidence of incapacity (often "clear and convincing" evidence). The court oversees the conservator, who must file inventories, annual accountings, and reports.

In Minnesota:

• Conservators manage financial functions for a "person subject to conservatorship."
• There is a statewide Guardian and Conservator Registry and an online reporting system (MyMNConservator).
• Courts emphasize the least restrictive alternative and protect the person's rights.

Conservatorships can be limited (specific powers only) or general, and they involve significant court oversight to prevent abuse. Professional conservators (neutral third parties) are sometimes appointed if family isn't suitable or in cases of fraud.

   A guardianship covers personal decisions (medical care, living arrangements, daily needs). Some states combine or use the terms differently; in Minnesota, guardianship often addresses personal matters while conservatorship handles finances.

• The process involves a court petition, notice to the person, possible investigation, a hearing, and evidence of incapacity (often "clear and convincing" evidence). 

• Guardian — Primarily handles personal care and decision-making for the "ward" (the person under guardianship). This includes decisions about:
  • Where the person lives (housing)
  • Medical care and treatment
  • Education or training
  • Daily personal needs and well-being
• Conservator — Primarily manages financial and property matters for the "protected person" (or conservatee). Responsibilities often include:
  • Paying bills and managing expenses
  • Handling investments, banking, and assets
  • Collecting income or debts
  • Managing real estate or other property
  • Sometimes estate planning (with court approval in many cases)

In many situations, the same person can serve as both guardian and conservator if the individual needs help in both personal and financial areas. Courts can also grant limited (or "tailored") guardianship/conservatorship, restricting powers to only what's necessary, rather than full authority.