A comprehensive plan can be very helpful for a person not just after their life, but during it as well. The future cannot be predicted and unexpected events happen throughout life. Because of this, it is important for an individual to consider all factors of their life they may want to cover in an estate plan. Sometimes, a person may become incapacitated due to a disease, accident, or disability. If this happens, it can be beneficial for the individual to have an appointed guardian to take care of their assets when they no longer can. The individual who maintains this role is known as a Conservator.
What is a Conservator?
When an estate plan is created, an individual may wish to assign a conservator in the event that they become incapacitated during their life. A conservator may be needed if an individual’s health deteriorates or experiences a debilitating accident. This is a person who is responsible for taking care of the incapacitated individual’s assets by managing them when they can no longer do so themselves. This may include all investments, properties, and finances.
The individual who steps into this role should be aware of the important responsibilities this role has. It is a challenging job that should not be taken without proper consideration. The conservator is given financial power of attorney of another individual, requiring them to handle their assets accordingly while they are incapacitated. The conservator is in charge of making a financial plan and ensuring all of the individual’s taxes and bills are paid on time. This person may benefit from the guidance of an experienced estate planning attorney.
Applying for Conservatorship
There are some cases in which a person does not appoint a conservator in their estate plan. When this happens, a loved one may wish to petition that the court grants them the role. When petitioning for the role of the conservator, the individual must explain their relationship to the incapacitated person and why they believe they should be appointed to take on this job.
Part of applying for a conservatorship and petitioning the court is to prove the loved one does, in fact, need a conservator. This can be done with a statement from a medical professional that works with the incapacitated individual and is aware of their condition. This professional must state whether or not they believe conservatorship is needed. Once this is done, the court schedules a hearing to determine if a conservatorship is necessary and who will fill this role.
Contact our Firm
If you require compassionate and knowledgeable legal guidance for a matter of divorce, family or estate law, please contact the experienced attorneys at the Law Offices of Cynthia L. Hanley today. Our firm proudly serves clients in Mansfield, Massachusetts and throughout Bristol County.