I have been asked recently by a number of different sources to help them with a conservatorship, so it occurred to me that I should write a little bit about it. A conservatorship occurs when you or your loved one is no longer able to manage their affairs, both the decisions about their financial affairs and the decisions regarding their personal affairs. A conservator, often a family member, takes over these many decisions.
The problem with conservatorships is that they are court proceedings, can be lengthy, are public, can be expensive if you need an attorney (and many family members do), require filing, investigator and court fees (in addition to legal fees), require approval for certain transactions, and can require accountings of finances. Conservatorships can be avoided altogether if the family member puts powers of attorney in place before there is an issue with capacity. Unfortunately, not enough individuals do this in time.
There are two different kinds of conservatorships: conservatorships of the person, and conservatorship of the estate. For a conservator of the person, decisions about food, clothing and residence are made. For conservator of the estate, decisions regarding the financial affairs of the individual, such as paying bills, collecting income, and making investments. Often, the conservator is the same person, though they can be two separate individuals or can be institutions.
Your best bet if you are worried that you or a loved one will become incapacitated is to execute powers of attorney for assets and health care. These are simple documents that any estate planning attorney can prepare quickly and easily. If it looks like it’s already too late, then you’re going to have to go down the conservatorship route. You may want to start the proceedings before you think you need to, because the process can be lengthy.
A Family Law Coach can help to cut costs because I can walk you through the process, help you with documents, and make sure you are prepared for every step of the way…plus keep costs way down compared to traditional legal representation.
Christina McPherson, Attorney: McPherson Law Group - Estate Planning, Living Trusts 