Conservatorships allow an individual to help you with issues such as your financial or business affairs. As noted by SmartAsset.com, a conservator may also assist you with decisions regarding your medical issues.
A conservator could help you if you begin having problems completing your normal routines. A severe health condition, for example, may leave you unable to perform your daily activities. As part of your estate planning, you may provide instructions outlining how a conservator may communicate on your behalf.
What types of duties may a conservator perform?
Establishing a conservatorship in advance typically reflects your personal needs. Real estate owners, for example, may require a conservator experienced in managing valuable assets and financial matters. The General Court of the Commonwealth of Massachusetts website notes that conservators may help manage bank deposits. They may also negotiate leases, contracts and property sales on behalf of an incapacitated person.
Effective estate planning generally includes naming a trusted individual as a conservator before the possibility of incapacitation could arise. Overall, a conservatorship could serve as a proactive measure to protect you and your family’s property rights.
How may I arrange for a conservator to manage my affairs?
You may include documents authorizing a conservatorship in your estate plan. A power of attorney, for example, names an individual who you prefer to manage your financial or health affairs. Choosing the right individual in advance could provide you and your family with welcome peace of mind. A capable and trusted individual could take care of your needs if you become incapacitated.
Rather than allowing the court to appoint a conservator after an unexpected illness, you may outline your wishes in advance. Your instructions may cover your financial affairs and property. You may also include your preferences for medical treatments.