Although the implementation of an estate plan usually occurs after a loved one dies, it can sometimes be necessary while he’s alive. If your loved one becomes incapacitated and can no longer manage his own affairs, you may need to seek an appointment as conservator over his estate. Your job as the conservator is to protect your loved one’s assets and take care of his daily needs. Conservatorships are overseen by a court. It is important to understand when a conservatorship may be necessary.
5 Situations When a Conservatorship May Be Necessary
The following are five examples of situations when a conservatorship may be necessary:
- When your loved one did not have an estate plan that addressed his incapacity. For example, if your loved one did not have a power of attorney or a trust in place, a conservatorship may be necessary because someone will need the authority to step in and handle your loved one’s affairs.
- If the person appointed under the power of attorney or trust to handle the loved one’s affairs is untrustworthy or incapable of serving in the role.
- When your loved one suffers from a catastrophic injury and is no longer able to make financial and medical decisions on his own behalf.
- When your loved one has been diagnosed with an illness or condition that renders him incapable of managing his affairs.
- When your loved one is elderly and suffering from mental decline to the extent that he is unable to carry out activities of daily living.
Obtaining an appointment as conservator for your loved one requires guidance from a knowledgeable legal professional. Contact us today at (714) 459-5481 for more information.