When a loved one gets older dementia, alzheimers, stroke or other conditions make it difficult or impossible for the individual to make sound financial decisions. Elderly seniors can become vulnerable to many devious people and exploited or taken advantage of so as to experience financial loss. Utilizing a conservatorship you can protect your elderly family member so finances are handled properly and safely.
A conservatorship grants financial authority. Both a guardianship and conservatorship utilize the appointment of a trusted person to look after affairs of a minor or an incapacitated individual, many times it is an elderly person. The difference between a guardianship and a conservatorship is that typically in guardianships guardians are appointed by the court for minors, for example to serve as the guardian of a minor's blocked bank account. A conservator is appointed by the court to make personal decisions for an incompetent person as well as to protect and manage their property.
Our California legal system has two ways to grant you the power to make financial decisions for your elderly family member. Powers of Attorney can be created while the person is of sound mind (before dementia). If your loved one has reached the point of becoming incompetent due to dementia, alzheimers, stroke or deteriorating health then establishing a conservatorship with an experienced attorney is beneficial.
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A conservatorship, first, is a court-ordered intervention in a conservatee’s life because they are incapable of executing decisions. They can also struggle with balancing their finances, managing estates, or thinking coherently due to a mental illness or developmental disabilities. In these situations, the court appoints a conservator to handle these and other personal affairs, meeting their unique needs based on their circumstance.
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