FAQs: What Is A Conservatorship?

Establishing a court-appointed conservatorship allows individuals to name another person as the financial guardian of a third party, frequently the elderly, children and disabled adults. A conservatorship can also be created for anyone who is unable to make good financial decisions. Spouses, adult children or an independent professional such as an attorney or accountant may be appointed conservator. A conservatorship must be terminated by the court system.

Pros and Cons of a Conservatorship in Illinois

Pros

• Court supervision of the conservatee’s affairs
• Protection of financial assets
• Preservation of eligibility for government assistance such as Medicaid

 

Cons

• Important decisions may only be made with court approval
• Court supervision increased the price of establishing a conservatorship
• Financial transactions made by a conservator are public information
• Protected persons and their close family members have no say in how the assets are disbursed

Consult with an Experienced Attorney

A conservatorship is not right for every situation. A power of attorney, trust or guardianship may provide better, less restrictive protection in some circumstances. An experienced attorney could advise individuals about their legal options and help them choose the most beneficial estate planning option for their loved one.

Contact a conservatorship lawyer to discuss the benefits and process of choosing a conservator at the Estate & Probate Legal Group in Lombard Illinois at (630) 382-8069.