When working to set up your estate plans, you should consider the future needs of anyone who is currently dependent on you. Your minor children will need to be cared and provided for should something happen to you before they reach adulthood, making it important to speak to an estate planning professional about guardianships. It’s not just minor children who may require assistance, though, and here are two times when you might consider a conservatorship for adults.
First, if you have any adult children or dependents with special needs, they may not be able to fully take care of themselves after you are gone. A conservatorship helps you ensure they are taken care of by someone you trust and not left with a decision from the court. You know your loved ones best, and you know who might be able to provide the most appropriate love and care for a dependent. Consider conservatorships or guardianships if you have an adult child who is disabled mentally or physically and is not able to make certain decisions or care for themselves.
Another time when conservatorships come into play is when you have an older parent or relative who is no longer able to care fully for themselves or their finances. Legal tools such as conservatorships and powers of attorney can help loved ones step in to provide assistance, but they can be contentious if the entire family doesn’t agree. Working with an estate professionals helps you get the legal foundation in place to protect your loved one.
Our firm works with families and individuals to create lasting estate plans to support their wishes. From guardianships and conservatorships to trusts that let you provide financially for others, we help you understand which tools are right for your needs.