Establishing a conservatorship is an essential part of the estate planning process that allows individuals to name another person as the financial guardian of a third party. Conservatorships are typically set up for children and disabled adults, but non-disabled adults could also give power of attorney to someone else to act as a conservator on their behalf if they are unable to make sound financial decisions.
Setting up a conservatorship is relatively simple, and in many cases, the court may set up a conservatorship for another person on its own. This is not the ideal situation for most people, but it may be inevitable if you do not take the right legal steps.
If you have questions about appointing a conservator, a skilled Lombard conservatorship lawyer may be able to assist you.
Since conservators are expected to make financial decisions on behalf of a protected person, they must have a firm understanding of the funds they become responsible for managing. Conservators are held accountable to the court, so they should know the following information:
Conservators may also need to collect other significant tax, bank, and financial documents. This could be hard to do alone, and it could help if potential conservators understand what they are getting into before attending a hearing.
Individuals who intend to name a conservator for their child or disabled adult ward may need to consult a Lombard conservatorship lawyer. A lawyer may be able to help them protect the assets of their loved ones while ensuring they are adequately provided for. An attorney may also have the power to convince the court to take actions to preserve the assets of a ward against Medicaid and nursing home expenses.
Contrary to popular opinion, establishing a conservatorship is not always the best choice for everyone. Some families may benefit more from establishing power of attorney or a development endowment trust. A developmental endowment trust may be better suited for disabled adults since it ensures their disabilities are taken into consideration by the courts. In some specific cases, it may be helpful to name a person as both a guardian and a conservator. An attorney could advise individuals about their legal options and help them choose the most beneficial option for their loved one.
There are numerous benefits of conservatorship, but there may be drawbacks as well. Some of these drawbacks include the following:
By working with an attorney, individuals could ensure they have a firm understanding of the drawbacks of establishing a conservatorship.
Establishing a conservatorship is not an easy task, and for many people, the process is simply overwhelming. To make matters worse, if a person does not appoint a conservator for their loved one, the court may, and there is no guarantee they choose the right person.
Get in touch with a Lombard conservatorship lawyer now to discuss the benefits and process of choosing a conservator.