PROBATE LAW
PROBATE LAW
PROBATE LAW
(Guardianships, Wills, Conservatorships)
Conservatorship and Guardianship
A conservator is court ordered through probate court and has the authority to manage the affairs of an individual who can no longer make their own financial decisions. It is a common affair for members of the family to petition the court through legal counsel to appoint a guardian or conservator for a family member who is incapacitated or has a serious illness.
- A guardian may also be appointed for an individual who is not capable of making decisions regarding their health or personal finances. The court may appoint the same person to serve in both positions.
- Conservatorships and guardianships require probate court hearings. The detailed forms required in probate court are cumbersome, time consuming, and require the assistance of a lawyer. In an effort to avoid misuse of funds, individuals appointed as conservators maybe required to be bonded, keep detailed records and file paperwork with probate court. If a bond is required the premium is paid from the conservatee’s assets.
- Individuals who have the foresight to plan ahead with a durable power of attorney for finances and health care will not need a conservator because the individual named in that document can take charge of the incapacitated individual.
Some Questions You May have Regarding Probate Law:
- What is a Durable Power of Attorney for finances? If you become incapacitated and can no longer manage your finances this document will allow a designated person to manage your financial affairs. Durable means that the power of attorney goes into effect as soon as it is signed.
- Why should you have a will? By drafting a will you have the assurance of knowing that designated beneficiaries inherit your property. A will is a legally binding document that identifies the beneficiaries of the property which often includes a spouse, children, and grandchildren. Often in a will, a guardian is appointed for minor children.
- What happens to my property if I die without a will? If a person dies without a will the state’s laws of intestate succession will govern the distribution of the property. The spouse and children are first in line to receive the decedent’s property.