Do You Need To Establish A Conservatorship?
People frequently talk about the importance of dedicating legal guardians to care for your minor children in the event that something should happen to you, but what about appointing someone to care for you if/when you become unable to care for yourself? Aging adults sometimes suffer severe mental or physical health issues that can prevent them from taking care of themselves or their affairs. When this happens, there may be a need for a capable adult to step in and manage these responsibilities on their behalves.
An Overview Of Conservatorships
A "conservatorship" is when a responsible, capable adult steps in to handle another's financial assets in the event that the latter is unable to do. If the aging adult has appointed a power of attorney, appointing a conservator may not be necessary; the power of attorney may step in and handles these responsibilities. Unfortunately, many adults have not talked with an estate planning attorney at the Lake of the Ozarks and appointed a power of attorney, which means that a conservatorship may have to be established if they become incapacitated.
Roles Of The Conservator
An Overview Of Conservatorships
A "conservatorship" is when a responsible, capable adult steps in to handle another's financial assets in the event that the latter is unable to do. If the aging adult has appointed a power of attorney, appointing a conservator may not be necessary; the power of attorney may step in and handles these responsibilities. Unfortunately, many adults have not talked with an estate planning attorney at the Lake of the Ozarks and appointed a power of attorney, which means that a conservatorship may have to be established if they become incapacitated.
Roles Of The Conservator
Typically, a spouse or adult child is appointed as the conservator over an elderly adult if such a person is available. In the event that no close friend or family member is able to fill the role, a professional or public administrator may be appointed. Using your estate plan to designate a power of attorney to act on your behalf may ensure the individual you desire will be the one to take on the responsibility.
Closing Remarks
Conservatorships are often necessary for individuals who suffer from advanced Alzheimer's disease or dementia, who are in a coma, or who have become otherwise incapacitated. The conservatorship typically lasts until the incapacitated individual regains his/her capacities or passes away. In the event that the appointed individual is no longer able to fulfill the responsibilities, the court may appoint a successor to take over these duties.
In order to ensure that the conservator is not abusing her power or in any way taking advantage of the conservatee's assets, conservatorships often require that strict regulations be followed and substantial paperwork be continually filled out and submitted. As a result, the ongoing assistance of an attorney at the Lake of the Ozarks is often incredibly helpful. If you are looking for legal representation in Camdenton MO, don't hesitate to reach out to the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. We would be happy to work with you!
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.
Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.
We accept Visa, MasterCard, and Discover.
85 Court Circle N.W., P.O. Box 559
Camdenton, MO 65020 GET A MAP
(573) 346-7231 - Telephone
(888) 236-2485 - Toll Free
(573) 346-4411 - Fax
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