Thursday, July 12, 2012
What You Should Know About Guardianships and Conservatorships
There is a lot of fear involved when a loved one becomes unable to care for himself. Whether it is a physical problem or a mental one, the stress and concern created will not just go away. Your loved one must be cared for and protected, both physically and financially. That is why conservatorships and guardianships are so important; they establish a system that allows you to manage the affairs of another individual who cannot manage for themselves. Here is a brief overview:
Conservatorships are for people who cannot manage their financial assets for whatever reason. If your loved one is not able to manage their own financial affairs, you can be appointed as their conservator. As a conservator, you will be given trustee status, which means you can handle financial affairs for them without their pre-approval. While you will not have any power over personal care decisions, you can choose to redistribute funds, invest in stocks, and even purchase property in order to protect the financial status of the afore mentioned individual. For those with mental handicaps or Alzheimer's disease, this type of conservatorship can be extremely helpful.
However, guardianships are quite different. While in a conservatorship, you are only responsible for the financial affairs of an individual, guardianships are for those individuals who are completely incapacitated. In other words, not only do they need someone to manage their money, but they cannot be responsible for their own general health or well-being either.
Guardians can either be nominated through a will or trust document or appointed by a court of law. In either case, the guardian is then responsible for the personal and public affairs of the incapacitated individual. This means that basics like food and shelter must be provided by the guardian for the individual, as well as medical treatment, assistance in money matters, and anything else that comes up. The individual (or ward) will no longer be allowed to enter into a contract of marriage, spend their own money, or make any financial or legal decision on their own behalf.
Legally, there are many reasons why an individual could require a guardian or conservator, such as mental illness, physical infirmities, substance addictions, or abuse situations. Each person is different and any legal decisions must be considered heavily before being put into action. The results of both guardianships and conservatorships are the same, however; safety and well-being for the individual in question.
Article Source: http://EzineArticles.com/4208201
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