As people age, they experience medical challenges, including cognitive decline. They may struggle to manage their daily lives. In some cases, they truly need support from other adults. Concerned caregivers or family members can petition the courts for a conservatorship when there are concerns about their financial circumstances.
A conservatorship gives a conservator certain authority and also responsibility to fulfill certain obligations. What key tasks does a conservator typically perform?
1. Making financial decisions
Perhaps an older adult has continued to live in an oversized family home. The cost of their mortgage and utilities might put pressure on their long-term budget. Conservators can make decisions about a person’s expenses and economic needs to help preserve their resources for the future.
2. Paying financial obligations
As people become more confused or forgetful due to age, overlooking financial obligations becomes a major concern. Conservators fulfill older adults’ financial obligations to protect them from collection activities and other consequences.
3. Managing critical assets
Various resources, ranging from real property to investment accounts, require regular maintenance. People have to physically inspect certain assets or make decisions about the management of their financial resources.
Older adults struggling with day-to-day life and unable to recall all of their resources are likely not capable of continuing to properly manage their assets. Conservators can help ensure the appropriate management of assets to retain or even improve their value for the continued financial stability of the vulnerable older adult.
Petitioning the courts for a conservatorship may be necessary when a loved one has demonstrated an inability to manage their finances and fulfill their obligations. Conservators can provide people with key forms of practical support for their safety and long-term comfort.
