When a loved one cannot manage their finances or property on their own due to age, illness, or incapacity, the court may appoint a conservator to step in and help out. Many people confuse conservators with guardians, executors, or other roles relevant in estate law. Understanding the role a conservator plays in a loved one’s life is crucial when you are stepping into the position. For more information and to get help from an experienced legal professional, read on and contact a skilled Middlesex County estate planning lawyer at Mark Liam Gannon, Attorney at Law.
What is the Role of a Conservator?
A conservator can be either a person or an institution appointed by a Massachusetts Probate and Family Court. The conservator’s purpose is to manage the financial affairs and property of an individual who cannot do so on their own. This individual is commonly referred to as the “protected person.” A conservator can be a family member, close friend, lawyer, financial institution, or professional.
Conservators may pay bills, manage bank accounts, oversee investments, and protect the protected person’s assets. Their authority, however, is limited to what the court grants. The conservator may also take on responsibility for the person themselves, not just their estates. In this case, they will be responsible for the individual’s personal care, which can include arranging for housing, transportation, clothing, food, healthcare, and making decisions regarding their medical care.
How is a Conservator Different from a Guardian?
A guardian is an individual who makes personal and healthcare decisions for a person who is unable to do so for themselves. This includes living arrangements, daily support, and medical care, among other things. A conservator manages financial affairs like money, property, taxes, and debts.
As established above, there can be overlap, and some individuals need both roles. A conservator can take on personal responsibility, but that is not their primary role.
What Are the Limitations of a Conservator?
Conservators do not have unlimited power when it comes to managing a protected person’s estate and financial matters. They have certain limitations imposed by the court. For example, any major transaction must be approved by the court, like selling real estate, withdrawing large sums of money, or making long-term investments.
These limitations exist to prevent exploitation and protect the individual’s independence. There needs to be a balance between safety and autonomy.
Conservatorships involve detailed petitions, medical evidence, court hearings, and more. The legal process can be complex, so it is highly recommended that you secure the help of an attorney when being appointed or involved in a conservatorship in any way. A lawyer can also provide guidance, help families avoid conflict, and protect the estate from mismanagement. Reach out to an experienced legal professional today for more information and legal counsel.
