As your parents age, you might notice things slipping, including their decision-making about their financial and general well-being. Sometimes you need a conservatorship to protect them from potentially serious complications as a result of those decisions. Unfortunately, conservatorship is often misunderstood.
There are a few things you should understand to dispel some common conservatorship misconceptions.
1. Conservatorship does not eliminate all independence
Many people believe that conservatorship strips their parents of all of their independence. This often leads to hesitation. The truth is that conservatorship protects an individual’s financial and personal well-being while allowing them as much autonomy as possible in the process. Conservators must make decisions in the best interest of the individual, but they also must consider the individual’s wishes and preferences as they do so.
2. Conservatorship is customizable
Conservatorship is not a rigid, one-size-fits-all solution. You have many options, including not only full conservatorship but also limited and temporary versions as well. This allows you to customize the structure of the conservatorship. You can choose the level of authority and responsibility necessary for the individual situation.
3. Conservatorship is not permanent
Another common misconception about conservatorship is that you cannot terminate it once you establish one. The truth is that if the situation resolves itself and your parent regains their capacity to make responsible decisions, you can terminate the conservatorship at any time.
According to the FTC, older adults reported losing more than $139 million to fraud in 2020. Conservatorship can help you protect your parents and their financial stability.
