Many people are familiar with the basic concept of conservatorships. This might also be referred to as guardianship in other states. For today’s purposes, conservatorships involve the appointment of another party to help manage the actions of a person who cannot take care of themselves. A conservatorship is most appropriate when the party in question needs support with their finances due to an accident or illness.
A conservator’s appointment is a significant event in the other party’s life. Where the affected party lives, the type of medical care they will receive, what they eat, and even who they visit with are all managed by the conservator and the conservator is also responsible for the person’s money and assets.
Conservatorships are becoming increasingly common in California and beyond for one of the most vulnerable demographics, meaning that it is important for those thinking about potential incapacity to have a plan in place and for family members involved in conservatorships to be familiar with what this looks like. Many conservatorships can be extremely effective for those who need it the most but one recent investigation found that over $13 billion of other people’s money is under management through conservatorships in California.
This also opens the door to potential concerns about emotional, financial, and physical abuse. If you are concerned about protecting your loved ones, make sure they have proper documents, such as a power of attorney in place so that their wishes can be respected if and when it comes to pass that they are unable to make decisions for themselves or take care of their financial affairs.
Scheduling a consultation with an estate planning lawyer in Pasadena can be the first step towards getting many of the most common questions associated with this answered.