If you have aging parents whose mental faculties are fading, or you have special needs children who need additional measures of guidance after turning 18, you may be wondering how you may help them avoid catastrophic financial issues that can ruin their lives.
One way to achieve this is through a conservatorship. For those unfamiliar with what a conservatorship entails, it is permission by the court that allows one person to manage the affairs of another adult person who cannot manage these affairs themselves. Conservatorships are known as the relationship between the conservator (the person who requested to manage the affairs) and the vulnerable person for whom the conservatorship applies to.
There is quite a bit to know about conservatorships. This post will highlight a few basics.
Conservators manage financial affairs – The primary reason a conservator is appointed is because a vulnerable adult cannot manage their own finances. Indeed, financial irresponsibility, by itself, may not be sufficient for a conservatorship, but it is one of the elements considered by the court.
There can be more than one conservator – Depending on the situation, a court may appoint a conservator to manage a person’s finances, and a separate conservator to manage one’s personal matters.
There may be alternatives – In the event you become incapacitated or are unable to handle your financial affairs, there may be other, less intrusive ways to have people make decisions for you.
If you have additional questions about conservatorships, an experienced estate and probate attorney can advise you.
The preceding is not legal advice.