Conservatorship is designated by the probate court, and allows one party the power to make financial decisions for another party. While it may sound like a guardianship arrangement, the big difference is that the courts will not require a medical examination to occur in order for the judge to determine if the protectee has the capacity to manage his or her financial affairs.
Typically, the same person will be the guardian and the conservator. The conservator must report to court once a year to evaluate the situation and continue the legal agreement.
The safest bet is to have a durable power of attorney in place before the need for guardianship or conservatorship ever comes to pass. A durable power of attorney ensures the person you want to manage your affairs when you are unable to do so does so under your terms.
A durable power of attorney for finances is the best way to avoid probate court involvement, as well as the costs associated with going to the court system for legal power. Probate court is also open to the public, which means that your private information won’t necessarily be private if court involvement is required.
An experienced elder law attorney can help you avoid the cost, stress and embarrassment of needing to request guardianship and conservatorship. If you do not have a durable power of attorney in place, please do so soon.
