Protecting your aging parent or loved one is an especially important issue if they are unable to manage their own affairs. When our family member is unable to care for their personal or financial matters, they can be targets for untrustworthy people. Unprincipled "friends," family members, strangers or neighbors may take advantage of someone with diminished mental capacity. That is why a conservatorship or guardianship becomes necessary in these situations.
When a person's capacity to manage his or her personal affairs is diminished the court can be petitioned to appoint a Conservator. Once the court has approved the petition, the Conservator becomes the agent to manage the impaired person's personal and financial affairs. The court first considers the petition to determine if the conservatorship is in fact needed.
In the case of a minor, a Guardianship may be established. This is similar to a Conservatorship, except that it involves a minor.
Conservatorships can be a confusing and complicated matter involving the emotions of family members and other details. The challenges involved in establishing a conservatorship must be clear to all involved. In some cases, specialists may be consulted to help determine a person's inability to handle there own finances. Additionally, appointed conservators must be advised on the challenges that are associated with the responsibility bestowed upon them.
When someone has manipulated a person of diminished mental capacity into signing over a home, funds, insurance, or other financial asset, action must be taken. A conservatorship is an important protection of your family member's wealth and assets.