Conservatorship
Minor Conservatorships
Sometimes minors may become entitled to substantial financial assets. This often happens as the result of a personal injury settlement or an inheritance under a will or trust. Sometimes the courts will require funds to be deposited into restricted accounts, be used for certain purposes, or require court approval prior to spending.
A Minor Conservator’s Duties:
- Managing the minor’s funds
- Establishing and monitoring bank accounts
- Making investment decisions
- Preserving the funds for appropriate uses
- Accounting for the funds on an annual basis
Adult Conservatorships
In the unfortunate event that a loved one no longer has the ability to make sound decisions regarding their finances, a conservatorship may be necessary. While a guardianship is established concerning a person’s physical well-being, a conservatorship is created by the Courts when a person requires a representative to act on their behalf to protect their financial welfare. Often, a conservatorship and guardianship may be deemed necessary around the same time and be handled by the same individual.
An Adult Conservator’s Duties:
- Overseeing finances
- Establishing and monitoring bank accounts
- Making investment decisions
- Paying bills
- Managing living arrangements
- Accounting for the funds on an annual basis
Gendelman Klimas is Here to Help
Often, conservatorships can be avoided when a Financial Power of Attorney is properly executed. Unfortunately, by the time most people require a conservatorship, it’s too late. The law has specific requirements for becoming and serving as a conservator, and in a case where a conservatorship is required immediately, the court may appoint someone temporarily until another individual can be determined as the permanent conservator. If you have found yourself in this situation, or you want to avoid needing a conservatorship, please do not hesitate to contact our attorneys at Gendelman Klimas today.
Contact Us
When you have a loved one who is in need of conservatorship, it can be challenging to navigate. Gendelman Klimas can help you become a conservator and comply with Court requirements while serving as a conservator. Contact us at (720) 213- 0687 or use the button below to discuss conservatorship.
