Nomination of Conservators
When considering your estate planning, don’t forget the nomination of a conservator. Nominating a conservator ahead of time can save time and money in the future. Typically, individuals consider obtaining conservatorships if a family member is diagnosed with dementia or Alzheimer’s and unable to make important health care decisions. In terms of finances, perhaps the family member may be making payments to third parties without understanding the purpose or reason for the payment.
When these situations occur without adequate planning, family members often have to obtain a conservatorship over the person and/or their financial affairs. This process is time-consuming and expensive, requiring court appearances and documentation proving that the individual lacks the ability to take care of him/herself and his/her finances. In addition, in situations where the conservatorship is contested, this court proceeding can be an emotional ordeal for everyone involved and create family discord.
To prevent you and your family from the headache of having to go through a conservatorship proceeding, you should ensure that you elect conservators while preparing your estate planning.