Many people understand the premise of a power of attorney. Typically, a person through their estate planning will draft a power of attorney in order to put a person in charge of their affairs upon their inability to handle their own affairs. But what happens if a person does not have a power of attorney and someone needs another person to step up?
A conservatorship or guardianship may be necessary to assist your loved one handle their financial business. These types of cases allow for a person to step in as through the court system (the conservator) to allow the conservator to take over the incapacitated person’s (the ward) finances, health care, and allows for the ward’s basic needs to be met.
A conservator is accountable to the court for his/her actions and it allows for oversight. This is generally a more powerful mechanism than a Power of Attorney due to the backing of the Court. The State has recently changed the process through the GAP act. An attorney is required for a conservatorship and guardianship.
Call Gibson & Mullennix today to see if a conservatorship is right for your family.