In the unfortunate event of a loved one becoming incapable of managing their finances, someone else may have to take over for them. If your loved one didn’t appoint someone in advance, a conservatorship may be necessary.
A conservatorship can help to ensure that your loved one’s financial affairs are taken care of. In the event that a loved one is unable to take care of their own financial affairs due to incapacity or substance addiction, then the court can appoint a conservator to manage their finances for them.
A conservatorship and a guardianship are very similar in nature, with the only major difference being in that a conservatorship is specifically dealing with a loved one’s finances.
If your loved one still possesses the ability to do so, power of attorney as part of a detailed estate plan may be the better choice as granting a durable power of attorney ensures that your loved one gets to choose a person they trust, rather than having someone assigned to them.
If a conservatorship is necessary due to an unexpected inability for your loved one to manage their finances, then we at Casterline Law Offices, we can guide you through the complicated legal process of having a conservator appointed to your loved one.