A conservatorship is a legal term for an adult having guardianship over another adult. Some reasons to have this arrangement include temporary or permanent medical incapacitation, severe depression or anxiety that prevents someone from making the best choices for themselves, or another inability of an adult to manage their own financial, personal, and legal matters.
Conservatorships can be physical, financial, limited, or general. Along with cons such as expense and time needed to arrange one, there are some advantages to them.
Flexible authority of someone’s estate
Conservatorships provide trusted family members and friends with flexible authority over someone’s estate. This is important for carrying out the wishes of the person who is under a conservatorship. They also give the contract holder the ability to speak to banks and other legal entities for the adult who is unable to manage their legal affairs. The amount of control that is transferred depends on the needs of the person under the conservatorship.
Can exist for any amount of time
A conservatorship can be temporary, something that is only used for a short amount of time, or it can be permanent. Even when permanent, however, the adult under the contract can have a judge say that they no longer need to remain under the conservatorship if that is their wish. It is good to have this option to rescind the contract since life circumstances often change.
One of the most challenging aspects of conservatorships is finding someone you trust to establish the contract. Knowing the advantages can allow you to make better decisions for yourself regarding estate planning.