A conservator is only allowed to purchase life insurance with the conservatorship assets, with a prior court order.
A California conservator needs a court order to purchase life insurance on the life of the conservatee, with the assets of the conservatorship estate. Because the purchase of such a life insurance is with the conservatee's assets, the conservator has to show that the purchase would be a) desired by the conservatee; and b) would be reasonable, in light of the costs to the conservatee. For example, if a conservatee would normally be obligated to support a spouse or a minor child, the court may consider that as a legitimate reason for the conservator to apply to the court for such a purchase.
The designation of a beneficiary of a life insurance in conservatorships requires a Substituted Judgment Petition made to the court.
For more information on life insurance purchases in conservatorship cases, contact, Mina Sirkin, specialist conservatorship attorney in Los Angeles County. 818.340.4479, Woodland Hills, Glendale, & Los Angeles Conservatorship.
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