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Is a conservatorship in your future?

In discussing estate matters, we naturally cover a lot of topics that are related to planning for your family and heirs. But you should never forgot to plan for yourself, either, and one way to do that might be to consider conservatorships. A conservatorship is a way to create a protected relationship wherein someone else makes limited financial and legal choices on your behalf.

Unlike a power of attorney, a conservatorship has the benefit of being controlled by the court system. This means there might be additional checks and balances in place that would help protect you should a conservator decide to break fiduciary duty and make decisions that are not in keeping with your wishes or best interests.

Conservatorships are a bit different than some other forms of fiduciary relationships, such as guardians. Typically, with a conservatorship, you are not completely incapacitated. You are still able to make some -- or even all - decisions for yourself, but you feel like you are at a period in your life when you might like assistance with those decisions.

One reason you might choose a conservatorship is because you want to have time to enjoy your retirement. Another reason to create such a relationship is to "interview" someone who might become a guardian or estate executor in the future. By working with someone when you still have capacity, you can evaluate how well he or she responds to your wishes and how he or she handles decisions and finances for you.

If you want to set up a conservatorship or guardianship for any reason, our firm can help. We work with you to understand your needs and create the appropriate estate vehicles to handle those needs.

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