Every day, we make countless decisions, from what to have for breakfast to where to take our next vacation. But what happens when you’re unable to make those decisions for yourself? Who will step in to make day-to-day choices on your behalf? How do you choose a conservator for yourself?

What Is a Conservator?

A conservator is a court-appointed agent who takes control of your financial affairs when you are unable to manage them yourself. Depending on state law, this role may be called a guardian or guardian of the estate. The court will grant the conservator the authority to act on your behalf, ensuring your financial needs are met. Many jurisdictions prioritize individuals designated as agents or conservators in a financial power of attorney, underscoring the critical importance of preparing this document in advance.

The Importance of a Financial Power of Attorney

If you’ve recently updated your estate plan, you may have signed a financial power of attorney (POA), authorizing a trusted person to manage tasks like signing checks, opening accounts, managing property, and handling contracts. It’s a lifesaver if you can no longer handle these tasks yourself.

Understanding the Need for a Conservator

If you can’t make decisions, your loved ones may need to petition a judge to appoint a conservator. To avoid this, appoint an agent in your financial power of attorney and, if allowed, nominate a conservator through a document like a declaration of preneed guardian (name varies by state).

The Risks of Not Having a Plan

If you lack a financial power of attorney or similar documents, each state has laws outlining who may serve as a conservator. This could lead to an undesirable situation where someone you wouldn’t have chosen—like an estranged relative—manages your affairs. A financial power of attorney allows you to clearly communicate your wishes to the court.

Key Questions to Consider When Choosing a Conservator

To ensure you are cared for by someone you trust when you can no longer manage on your own, consider the following questions when evaluating potential candidates:

• Do they have the time? Often, the most capable and knowledgeable individuals are also the busiest. Ensure they can dedicate the necessary time to fulfill their responsibilities.

• Do they live nearby? Even in our digital age, some matters may require in-person interaction. A conservator who lives far away may struggle to carry out their duties effectively without incurring unnecessary costs or delays.

• Does your chosen conservator have the necessary skills? They should be organized, detail-oriented, and able to communicate effectively. An unreliable or scattered individual is unlikely to be a strong advocate for your interests.

Get Help When You Need It

If you have any questions or would like to discuss whom to appoint for this important role, don’t hesitate to contact the team at Williams Starbuck today! We’re here to help.