Probate: guardians and conservators; financial duties; modify. Amends sec. 5423 of 1998 PA 386 (MCL 700.5423).

This bill updates the financial duties of conservators in Michigan, who manage the assets of individuals unable to do so themselves. It clarifies that conservators have broad powers to manage property, invest funds, and run businesses without needing prior court approval for each action, provided they act reasonably. The legislation specifically requires that any investments in securities be made through brokerage firms insured by the Securities Protection Corporation. Additionally, the bill allows conservators to hold assets in their own names to facilitate transactions and to employ advisors, even if those advisors are related to the conservator.