Unfortunately, the ability to make decisions regarding our own matters, from healthcare to finances, is something we often take for granted. As such, if you do not set a plan in place as to how you would like your estate managed in the event you become incapacitated, the court may appoint a Conservator to oversee these matters. The following blog explores what this role entails and the importance of working with a Medina County, Ohio estate lawyer to help you explore your options to ensure your wishes are honored.
What Is a Conservator of an Estate?
Generally, when a conservator is appointed by the court, they act as a guardian for someone who may be incapacitated or otherwise unable to handle their affairs. This allows the Conservator to provide basic care for the individual, like ensuring they have food, housing, and clothing, overseeing their healthcare needs, and generally caring for their well-being.
However, the court can also appoint someone to serve as the Conservator of someone’s estate. This allows someone to be appointed to handle the financial affairs and assets of an estate head who has been deemed mentally incapacitated, whether from an injury, mental illness, degenerative brain disease, or any other issue that can impact their ability to manage their own affairs.
This is not dissimilar to a power of attorney, though the Power of Attorney is a voluntary arrangement initiated by the head of the estate. Additionally, a Power of Attorney may be limited in its abilities and responsibilities, as per the terms and conditions of the document established by the individual, whereas a Conservator is bound by the authorization of the court.
What Are the Primary Responsibilities?
Understanding the scope of responsibilities a Conservator has is critical to ensure you can understand what aspects of your finances this person would be responsible for. As mentioned, this role revolves around handling the affairs of the estate owner. This entails, but is not limited to, the following:
- Paying bills
- Managing assets like bank accounts, investments, and real estate
- Making investments as they see necessary
- Filing taxes on behalf of the estate
- Budgeting assets
In addition, the Conservator is also responsible for documenting all actions taken on behalf of the estate and submitting a report to the court. This is to ensure they are not abusing their role.
Though a Conservatorship may be unavoidable in some instances, if you wish to have a say over who will manage your assets in the event you become incapacitated, ensuring you begin planning early is critical.
Working with an experienced attorney with Krause Law is critical to protect your best interests in these matters, as our firm can help you explore your legal options to determine the best course of action for your needs. Additionally, we can assist you in establishing the necessary documents to ensure your wishes are honored during this process. When you need assistance, our firm is here. Contact us today to learn more.
