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What Is a Conservatorship?

May 25, 2015Incapacity Planning

What Is a Conservatorship?Estate planning is best viewed as a comprehensive endeavor that goes beyond the matter of postmortem asset transfers. When you plan your estate, you should also consider end-of-life issues. With this in mind, we will look at the subject of conservatorship in this blog post.

The definition of a conservatorship will vary depending on the state in question. In some states, a conservator will handle the financial affairs of a ward who cannot handle his or her own affairs for one reason or another, and a guardian will handle personal affairs.

We practice law in the state of California. In California, a conservator would handle all of the affairs of an adult ward who is incapable of sound decision-making, and a guardian would manage the affairs of a minor child.

Drawbacks of Conservatorship

If you do not prepare for possible incapacity in advance, a conservatorship proceeding could take place if interested parties were to come to the conclusion that you could no longer handle your affairs as an elder. This is a necessary safeguard, but there are some drawbacks to take into consideration.

The matter of choice is at the top of the list. Ultimately, the state would appoint someone to make decisions on your behalf. You would not be in a position to make this decision on your own.

In addition to the matter of choice, there is the possibility of disagreements among your loved ones during a conservatorship proceeding.

Viable Alternative

To prevent a conservatorship, you could be proactive about the implementation of incapacity planning strategies. Many people will execute durable powers of attorney to prepare for latter life incapacity. Durable powers of attorney are used because a durable power of attorney would remain in effect even if the person creating the power was to become incapacitated.

A durable financial power of attorney can be executed to name a financial manager, and you could add a durable power of attorney for health care to empower someone to make medical decisions on your behalf in the event of your incapacitation.

When it comes to financial decision-making, there is another option to consider. If you use a revocable living trust as an asset transfer vehicle instead of a last will, you could empower a successor or disability trustee to administer the trust if you were to become incapacitated at some point in time.

Your incapacity plan should also include a living will. You would utilize a living will to record your wishes regarding the utilization of life-sustaining measures.

Put an Incapacity Plan in Place

If you would like to put an incapacity plan in place, our firm would be glad to assist you. We offer free consultations, and you can send us a brief message through this page to set up an appointment: Los Angeles CA Incapacity Planning Attorneys.

To Schedule a Free Consultation

If you are interested in the possibility of working with our firm after learning these facts, please select our “Workshops” tab to RSVP for a free estate planning workshop. At that workshop you will be offered a free one-hour consultation with an attorney:  www.collinslawgroup.com/seminars/

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Caprice Collins

Caprice Collins

Attorney Caprice L. Collins is a top rated Harvard Law School graduate. She has 34 years of legal experience with a successful law practice devoted exclusively to Estate/Business Planning and Trust Administration. Attorney Collins is a well-respected keynote speaker on Wills, Living Trusts, Estate Planning, Business Planning and Trust Administration. She has appeared on California’s Real Estate Radio Station KTLK AM 1150 as a legal expert on Estate Planning and Living Trusts among many other notable media appearances.
Caprice Collins

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Testimonials

Ms. Collins and her team has earned my trusts and respect. They showed professionalism, attention to details and made me feel like I am family. It is truly reassuring to know that my family and I won’t he on our own after the documents are executed.

Saida H.–
My overall experience with Collins Law Firm has been great. The process of estate planning was thoroughly explained with personal care and concern. The entire staff is very personable and eliminate any intimidation. I feel very relieved to have completed this process and I am very comfortable in knowing that Collins Law Group is available to us for any needed help.

Mattie S.–
We received excellent and clearly explained directions with respect to the creation of our living trust and the required follow up actions. Caprice is easy to work with and she inspires full confidence in her abilities. We continue to work with her as we review changes in our lives and the adjustments required to insure that our trust does what we want it to do.

John C.–
Attorney Collins was referred to us by a friend who had a living trust prepared for his family. We attended one of her very informative seminars on living trusts. Shortly there after we had out trust done.  She is very thorough, precise and follows up to ensure we’re satisfied with our estate plan. The staff was wonderful as well.

Tony B.–
We’ve had Living Trusts done by two different attorneys over the last 12 years. After retaining the Collins Law Group, it became clear that the others weren’t up to the same standard. Attorney Collins and her staff have an eye for detail that was absent from the other firms we used. It was the difference between dining at a gourmet restaurant, and a fast food drive-thru. The Collins Law Group is terrific at putting you at ease, and makes the process relatable and easy-to-understand. After watching other family members go through the ugly, hot mess of Probate, we definitely feel safe and in control of our estate and the legacy we’ll leave behind for our children.

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