ConservatorshipDealing with your Financials after Incapacitation
Living probate can occur when someone becomes unable to manage his or her own affairs due to a physical or mental incapacity, for example, stroke, dementia or Alzheimer’s, and they failed to plan for this situation. Conservatorship is one aspect of the Living probate process that deals with the person’s finances and other assets.
Conservatorship is a court process whereby a court-appointed person or entity is granted authority over protecting a person’s assets or financial affairs. If granted by the court, the “Conservator” becomes responsible for managing the protected person’s assets. This Enables the Conservator to make decisions regarding the protected person’s financial affairs: buy, sell, trade, etc. These decisions must be in the best interest of the protected person or his/her estate since a Conservator is considered a fiduciary. However, the Conservator is not required to consult with the protected person or consider the protected person’s preferences.
How can becoming a member of Legacy help?
First and foremost you need to act Now! Before it becomes too late to do anything to prevent it. By enrolling in Legacy Assurance Plan the member has access to appropriate legal documents to thwart the need for guardianship/conservatorship.
The 3 documents that generally avoid need for living probate are:
- Durable Power of Attorney for Finances
- Durable Power of Attorney for Healthcare
- Revocable Living Trust – Successor Trustee can handle your financial affairs if incompetent