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How can an estate plan prevent a conservatorship proceeding?
An estate plan uses several tools which can prevent the court from gaining jurisdiction over you or your affairs.
A Living Will or Directive to Physicians is used to determine if artificial life support systems are to be used or withheld.
A Durable Power of Attorney for Health Care is used to provide authority to a person, in whom you have the utmost trust and confidence, to make decisions regarding health care treatment when you are unable to provide informed consent.
A Durable Power of Attorney for Property enables you to authorize a person to act in your place and stead in the event of your incapacity; this attorney-in-fact can manage your financial affairs without the need to have intervention by the courts.
A Trust or Family Limited Partnership is used to hold property; the Trustees or Partners manage the property held by either of these entities. Both the Trust and the Family Limited Partnership continue to manage the property even if you are incapacitated.
Courts will only grant a Conservatorship if you cannot take care of yourself or your affairs and if you have made no arrangements for your care. If you have made adequate provisions, the court will not disturb your arrangements. Thus, a properly prepared estate plan can enable you to avoid a Conservatorship proceeding over you or over your estate. Conservatorship proceedings can be very expensive and the cost of the legal proceedings and the cost of paying a Conservator would be taken out of your assets, assets you might need to care for yourself. Compared to the cost of a Conservatorship proceeding, the cost of planning ahead with a good estate plan can be money well spent. |
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My close relative is ‘losing it’ and doing bizarre things. What can I do?
How long does conservatorship last?
Are conservators paid?
How can an estate plan prevent a conservatorship proceeding?
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Need an estate plan? |
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