A conservatorship may be needed if your adult parent becomes incapacitated in some way that prevents him or her from making important life decisions. For example, you might have a parent with dementia that progresses to the point that he or she requires your constant attention and care. If your incapacitated parent has not designated a caretaker with a financial or health care power of attorney, establishing a conservatorship could be a wise move.
A conservatorship, however, will come with some advantages and disadvantages. Let's take a look at the advantages:
- A conservatorship allows you make decisions for your loved one, and it gives peace of mind to other family members that someone is taking care of their incapacitated loved one.
- A conservatorship gives you the legal authority to deal with third parties, like banks and investment institutions, on behalf of your loved one.
- A conservatorship establishes a process by which a judge can approve different vital decisions.
Here are the disadvantages you should be aware of:
- Establishing a conservatorship involves different financial expenses.
- A conservatorship can be time-consuming to create, and ongoing paperwork will be required to maintain it.
- Your incapacitated loved one might feel humiliated by the process.
- Interfamilial disagreements could come up if relatives disagree over who will serve as conservator.
Does your relative need someone to take care of him or her? A conservatorship could be a good decision for your family; however, it's important to consider all the benefits and disadvantages associated with a conservatorship. After considering the matter closely with the assistance of an estate planning lawyer, you will be able to decide whether a conservatorship is right for your needs.
Source: Caring.com, "How an Adult Guardianship, or Conservatorship, Works," Joseph L. Matthews, Oct. 24, 2017