Conservatorships
In instances when adults are no longer able to care for their own financial matters, a loved one or court appointed professional may need to be appointed to handle such matters on behalf of the incapacitated adult.
According to NOLO, ”If a court appoints someone to take care of financial matters, that person is usually called a ‘conservator of the estate,’ while a person in charge of medical and personal decisions is a ‘conservator of the person.’ An incapacitated person may need just one type of representative, or both. The same person can be appointed to take both jobs. Both types of conservators are supervised by and held accountable to a court.’ Generally, conservatorships are established for people who are in comas, suffer from advanced Alzheimer’s disease, or have other serious illnesses or injuries.’”
Frequently the expenses associated with conservatorships (e.g., legal expenses, bond expenses, etc.), can be avoided by preplanning with a durable power of attorney.
Once again, we would like to remind you that it is imperative that you spend the time to ensure that you and your loved ones have all of your legal documents prepared and socialized within your family to try and prevent the need for such legal intervention.
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