When considering elder law and taking care of loved ones as they get older, plans must be made for when a loved one becomes incapacitated. In Wheat Ridge, Golden, and Arvada, there are two options for when a loved one can no longer handle their finances: durable power of attorney and conservatorship. Let’s look at the differences between these two options.
Lawyer for Durable Power of Attorney in Arvada and Jefferson County, Colorado: The Importance of a Durable Power of Attorney
The first option is the durable power of attorney. This option is usually a part of estate planning and happens before a person becomes incapacitated. As part of the will, your loved one would determine who would take over their finances should they no longer be able to. This is generally a preferable choice, because there is some comfort for all involved when the person has a say in who is managing their finances. If you are getting older, or you have a family member who is getting older, contact an experienced estate planning attorney to get the ball rolling. It is so much better for everyone involved when things are precisely planned out and no has to guess or leave anything to chance.
Conservatorship Attorney in Golden: What is a Conservator?
When there is no estate plan or durable power of attorney in place, then a loved one can go the conservatorship route. Through this avenue, the Jefferson County Court will decide who will act as the conservator and manage the finances for an incapacitated person. Unless you can show the court it is an emergency situation, this is usually a longer process. Because the court is involved in determining who the conservator will be and if one is even necessary, there are more hoops to jump through. The court will require updated statements and financial documents to monitor the conservatorship, and certain actions (like selling a large asset) may require court approval first. While estate planning and durable power of attorney is ideal because it avoids the expense and stress that comes with all this red tape, sometimes requesting conservatorship for a loved one is your only option.