Conservatorships

Conservatorships: Understanding your options for court-appointed conservatorships.

In the course of a lifetime, a lot can happen that makes it difficult for people to manage their financial affairs. Alzheimer’s, an accident, or any illness that affects mental functioning can ultimately create a situation in which someone is considered legally “incapacitated.” Ideally in these situations, people have planned ahead for their families, setting up a financial power of attorney that outlines their financial wishes, as well as financial decision makers. If there is no plan or power of attorney in place, the state steps in and appoints a conservator in probate court (sometimes referred to as “assets court”) to handle financial and estate matters.

We always recommend creating both a health care power of attorney and financial power of attorney to ensure that your wishes are met. Conservatorships can also be time-consuming, requiring numerous court proceedings. However, conservatorships can offer an effective way to manage finances for someone unable to do so.

Conservatorships are designed to protect the incapacitated adult’s estate from mismanagement, but mismanagement and poor financial decisions do occur. It is always wise to involve an attorney, whether you are working within a conservatorship, or are concerned about a conservatorship’s effectiveness for your loved one.

Talk to us right away if:

• A loved one has become incapacitated and they don’t have a financial power of attorney on file
• You are concerned about financial mismanagement in an existing conservatorship
• You wish to re-evaluate an appointed conservator
• You have been named as conservator of an estate