CONSERVATORSHIPS

It is scary when a loved one becomes unable to take care of themselves. Whether it is a physical incapacity or a mental one, it is challenging to alleviate the stress and fear that someone you care about is at risk. Conservatorships are important when it comes to caring for and protecting your loved one as they establish a system that allows you to manage the affairs of another individual when they can no longer manage themselves.

Conservatorships are for people who, for whatever reason, cannot manage their financial assets. If someone you love is no longer capable of financial management, you can be appointed as their conservator. As a conservator, you will be granted trustee status, meaning you can make financial decisions for them without their pre-approval. While you will not have any power over personal care decisions, you can choose to redistribute funds, invest in stocks, and even purchase or sell property in order to protect the financial status of your loved one. For those individuals with mental challenges or Alzheimer’s disease, this type of conservatorship can be extremely helpful.

A conservator functions like a fiduciary. Conservators are held to a standard of care bound by law. They must keep detailed and accurate records of all the financial information of the individual under your protection.

Legally speaking, there are many reasons an individual might require a conservator. Mental illness, physical infirmity, addiction, or abuse are just a few. Each person is different and any legal decisions must be carefully considered before enaction. Conservatorships are for the safety and well-being of an individual