Conservatorship Involves Managing Your Financial Affairs After Incapacity
Living probate occurs when someone becomes unable to manage his or her own affairs due to incapacity and they failed to plan for this situation. Conservatorship is the part of living probate that deals with the person’s finances.
Conservatorship is a public court process to appoint a person or an entity to manage an incapacitated person’s assets and financial affairs. A conservator does not have to be the same person or entity as a guardian. A conservator is responsible for managing the financial affairs of the incapacitated person. For example, conservators pay bills, manage accounts and investments and buy or sell property, as appropriate. A conservator is a fiduciary, so all decisions must be in the best interest of the incapacitated person. However, a conservator is not required to consult with the incapacitated person or consider the incapacitated person’s preferences. Like a guardian, a non-family member conservator will charge for his, hers or its services.
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 the necessity of conservatorship. By enrolling in Legacy Assurance Plan, you will have access to the appropriate legal documents to eliminate the need for conservatorship.
