When discussing estate planning and planning for incapacitation or death in Arvada, often conservators and guardians are brought up. Let’s look at these two roles and the responsibilities involved with each as it relates to an adult.
Conservator Attorney in Jefferson County: What is a Conservator?
A conservator is a person chosen to handle the financial situation for a person when they can no longer handle them on their own. Here are some responsibilities of a conservator:
· Manage personal property and finances of the incapacitated person
· Pay the bills, deposit checks, and manage the home of the incapacitated person
· Manage / operate the business that the incapacitated person owns
A conservator is required to provide the court with an inventory and financial plan within 90 days of being appointed and then must submit yearly reports detailing the financial situation of the incapacitated person. Any major changes to the property or finances, must be approved by the court.
Guardian Attorney in Arvada: What is a Guardian?
A guardian is a person chosen to handle the personal and medical care for a person when they can no longer make those decisions for themselves. Some of the responsibilities of a guardian include:
· Managing the well being and personal care of the incapacitated person
· Make decisions regarding medical treatment and living arrangements
· Determine and set up assistance and supervisory care for the incapacitated person
The guardian is required by law to provide the court with an initial care plan within 60 days of being chosen as guardian and they must submit annual reports specifying the incapacitated person’s condition and activities.
Choosing a Conservator and Guardian for an Incapacitated Adult
Through your estate planning, you can choose who you would like to act as your conservator and guardian, should you become incapacitated. If no provisions have been made, then the court will determine who should have these roles. It’s important that you have a say in this vital decision.