What is a conservatorship?
This is a court-supervised proceeding which names an individual or entity to manage the affairs of an incapacitated person. A conservatorship may also include the duty to care for the incapacitated person.
What are the disadvantages and advantages of a conservatorship?
A primary disadvantage to a conservatorship is that it is a public proceeding, thereby exposing the incapacitated individual to embarrassment as the details of their incapacity are discussed at length. It is also expensive. In addition, there is no guarantee that the end result will be in accordance with the incapacitated person's wishes, and someone unacceptable to the incapacitated person could be placed in charge of his or her affairs. A major advantage to a conservatorship is that the courts watch every move the conservator makes in relation to the assets.
What are the alternatives to conservatorship for managing property when a person becomes incapacitated?
One alternative is using a Durable Power of Attorney. Another alternative is the use of a Living Trust where assets are funded into the Living Trust.
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