As loved ones grow older, situations may arise that require a conservator to be appointed to manage financial affairs. The person over whom a conservator is named is called a ward.
In order to understand the need, you must know what a conservator does for a ward. Many people confuse the roles of conservators and guardians. While the same person may serve in both roles, the duties are different:
- A guardian oversees the health and personal welfare of a ward.
- A conservator looks after the finances of a ward.
If a person is not able to manage his or her own finances due to incapacity (whether due to dementia, mental illness, or other infirmity that diminishes mental abilities), a judge may appoint a conservator to manage finances for the remainder of the ward’s life, or until the ward recovers and is considered able to resume taking care of his or her own finances.
Who Can Serve as a Conservator?
Any person can serve as a conservator – a trusted family member, a friend, an accountant, or another family advisor. Where there is an ongoing dispute over the management of the ward’s finances, the court may appoint an independent professional to serve.
What does a Conservator Do?
When appointed by a judge, a conservator will perform the following duties:
- Manage and protect assets
- Create a monthly budget
- Pay bills
- Pay for care of the ward
- Report to the court about the ward’s finances
Who Can Ask for a Conservator
Any interested person who has personal knowledge of the facts demonstrating that the person in question can no longer manage his or her financial affairs can ask the court to appoint a conservator. For example:
- A family member, friend, or personal advisor such as an accountant or attorney
- A caregiver
- A hospital or nursing home, or a government agency
- Someone nominated to be a conservator in a power of attorney
Reasons for a Conservator
If you believe that a loved one needs a conservator, you can file a petition with the court. The court will send an evaluator to assess the capabilities of the proposed ward. Then a judge will conduct a hearing, reviewing medical reports, witness testimony, and other evidence to reach a decision on whether a conservator should be appointed and who should serve in that role.
A conservator may be appointed if:
- A person is suffering from dementia or Alzheimer’s disease
- An adult becomes incapacitated due to an accident or illness
- Someone already assisting with finances (perhaps as agent under a power of attorney) is not acting in the best interest of the person who is incapacitated
Get Help Today
Even if you find yourself in one of these situations, a conservator may not always be the best choice for your circumstances. There are many factors to consider, and it’s best to gather as much information as possible before making a decision. At Gaslowitz Frankel, we have helped many families make the right decision for their unique situations. Contact us today to see if a conservatorship is right for your loved one.
