CONSERVATORSHIP 
A conservator is a person appointed by the Probate Court to care for money and assets of an incapacitated adult. The conservator takes control of any bank accounts or other money, real estate, stocks and bonds, mutual funds, or other assets owned by the individual. The conservator is to then conserve and preserve the assets for the benefit of the individual and spend any money reasonably necessary for the care and support of the individual. If there is insufficient cash to pay the individual’s expenses, the conservator may sell certain assets, such as a home, other real estate, or mutual funds, etc. to raise cash. 

GUARDIANSHIP
A guardian is a person appointed by the Probate Court to care for an incapacitated adult's medical care and custody.  It is the job of the guardian to make sure that your loved one has the basic necessities of life, such as food, shelter, clothing, medical care, etc.  It is the guardian’s job to decide where your loved one will live and what kind of care and treatment he/she will receive.

DURABLE POWER OF ATTORNEY FINANCIAL ABUSE   
A common tool family members or trusted person use to exploit an elder is acting as an attorney-in-fact under a durable power of attorney. It is important to note that Michigan law and common-law agency fiduciary principles provides support for holding agents responsible when they breach a fiduciary duty by failing to properly carry out their duties to the principal through the filing of conservatorship or protective order. The court has the means to remedy exploitation by ordering an accounting, reviewing accounts and receipts, granting an order to repay the funds, and ultimately provide ongoing protection from financial exploitation.