Terms Used In Michigan Laws 700.5316

  • Conservator: means a person appointed by a court to manage a protected individual's estate. See Michigan Laws 700.1103
  • Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103
  • Financial institution: means an organization authorized to do business under state or federal laws relating to a financial institution and includes, but is not limited to, a bank, trust company, savings bank, building and loan association, savings and loan company or association, credit union, insurance company, and entity that offers mutual fund, securities brokerage, money market, or retail investment accounts. See Michigan Laws 700.1104
  • Guardian: means a person who has qualified as a guardian of a minor or a legally incapacitated individual under a parental or spousal nomination or a court appointment and includes a limited guardian as described in sections 5205, 5206, and 5306. See Michigan Laws 700.1104
  • Incapacitated individual: means an individual who is impaired by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, or other cause, not including minority, to the extent of lacking sufficient understanding or capacity to make or communicate informed decisions. See Michigan Laws 700.1105
  • Legally incapacitated individual: means an individual, other than a minor, for whom a guardian is appointed under this act or an individual, other than a minor, who has been adjudged by a court to be an incapacitated individual. See Michigan Laws 700.1105
  • Money: means legal tender or a note, draft, certificate of deposit, stock, bond, check, or credit card. See Michigan Laws 700.1106
  • Person: means an individual or an organization. See Michigan Laws 700.1106
  • Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106

To encourage self-reliance and independence in a legally incapacitated individual, the court may authorize the individual to function without the consent or supervision of the individual’s guardian or conservator in handling part of his or her money or property, including authorizing the individual to maintain an account with a financial institution. To the extent the individual is authorized to function autonomously, a person may deal with the individual as though the individual is mentally competent.