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Financial Website Directory Ireland

How to Protect Your family with Conservatorship

Author: Andre
Category: Financial Planning: Health & Welfare Plans
Date Added: August 22, 2011 03:43:19 PM
Page Views: 7266

When a family member is sick, it can cause a lot of misery and anxiety, both to the sick family member and the rest of them. Most of the time, there are particular situations when it is impossible for an individual to manage a lot of legal and financial concerns. At this time, another member of the family or a friend can manage these concerns, especially with regard to decision-making. For instance, a severe vehicular accident can result to one's incapacity and decision-making is affected. Conservatorship refers to an order that is issued by the court so that another individual can take over the financial responsibilities of the other person.

 

These details have been provided as a reference only, an experienced NY estate planning attorney should be consulted where required.

 

Guardianship is closely related to conservatorship. It occurs when one person allows the other to legally take responsibility in terms of providing care for the ill person and other matters that are related to that. In contrast to conservatorship, guardianship deals with medical matters while conservatorship deals with financial matters. Providing someone with legal authority to handle your own matters is not an easy process. The initial step is to petition the action. The court will appoint a guardian ad litem to assess the case, who will investigate the case by gathering evidences, including medical documents, affidavits, and others. A report will b sent to the court for recommendations.

 

 Once the petition is granted, the individual can bring the document signed by the court to the financial organizations and perform transactions. Conservatorship is a part of taking care of a family member. The person who is sick can be confident that matters are being taken care of. Courts handle this type of matters cautiously and they appoint the candidate whom they feel is the fittest. In the majority of these cases, the courts appoint the most responsible individual, and they require them to keep the records of financial transactions. This includes all bills, clothing, food, home expenses and others. Recording transactions is beneficial to all parties involved.

 

In addition, by recording transactions, disputes that may arise in the future regarding assets may be avoided. The records should be very specific. Conservatorship is a long-term commitment but can be changed depending on the person's physical and mental ability. Thus, the court can revoke the conservatorship as necessary.

 

The procedures for revoking will be the same as the petition for conservatorship. Again, the guardian ad litem will assess the case in order to establish that the person is prepared to manage financial matters.

 


About the Author

Provided on behalf of Attorney Andrew M. Lamkin P.C.

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