An estate plan is beneficial not just after a person’s life, but during it as well. No one can predict the future and unexpected events can happen during life. This is why it is important for a person to cover all of their bases when they create an estate plan. Sometimes, a person may become incapacitated due to a disease, accident, or disability. If this happens, it can be beneficial for them to have an appointed guardian to take care of their assets if they no longer can. The individual who steps into this role is known as a Conservator.
Types of Conservatorships
In the state of California, there are two different types of conservatorships. One may be more beneficial for a conservatee depending on their needs.
- Probate Conservatorship: The most common type of conservatorship that is based on the laws in the California Probate Code. There are two main types:
- General – for adults who cannot take care of themselves or their finances due to a serious impairment
- Limited – for adults with developmental disabilities who cannot care for themselves or their finances
- Lanterman-Petris-Short (LPS) Conservatorship: This type of conservatorship is used to care for adults with a serious mental health illness and need special care. This is for those who need very restrictive living arrangements and require extensive mental health treatment
What is a Conservator?
An individual may wish to have a conservator assigned to them in the event that they become incapacitated at any point in their life. A conservator may be necessary if an individual’s health deteriorates or experiences a debilitating accident. In the event of this, a conservator would be responsible for managing the incapacitated individual’s assets when they can no longer do so themselves. This may include all investments, properties, and finances.
The individual who steps into this role should be aware of the important responsibilities this role has. It is a challenging job that should not be taken without proper consideration. There are different duties of a conservator depending on the type.
The duties of a conservator of the person are:
- Arrange the individual’s care and protection
- Decide where they will live
- Make arrangements for meals, health care, clothing, personal care, housekeeping, transportation, shelter, well-being, etc
- Get approval from the court for certain decisions
- Report to the court on the individual’s status
The duties of a conservator of the estate are:
- Manage the individual’s finances
- Locate and control all assets
- Collect their income
- Make a budget of what they can afford
- Pay the bills
- Responsibly invest money
- Protect assets
- Account to the court and the individual for the management of the assets
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.
