Essential Guide: How to Choose a Conservator for Yourself

When it comes to estate planning, we often focus on what happens after we pass away. However, what if you're still alive but unable to manage your own affairs due to incapacity? Who will be there to make decisions on your behalf? This is where a conservator comes into play.

A conservator is someone appointed by the court to handle your financial or personal affairs if you are unable to do so. It’s an important role that requires careful consideration, as the person you select will be responsible for managing your well-being and financial security. This guide will walk you through the process of choosing the right conservator for yourself, so that you can ensure your affairs are handled according to your wishes.

What Is a Conservator and Why Do You Need One?

A conservator is an individual appointed by the court to manage your affairs when you are unable to do so due to many reasons such as incapacity, illness, or mental decline. Depending on your state's laws, this person may also be referred to as a guardian or guardian of the estate. The role of a conservator is not limited to financial matters; it also includes managing aspects of your personal care, healthcare decisions, and even overseeing your living arrangements. This person may have the authority to make decisions related to your property, assets, investments, and overall financial management, ensuring that your needs are met when you are no longer able to make those decisions yourself. The conservator is expected to act in your best interest, preserving your well-being while managing your financial and personal affairs.

In many cases, a conservatorship is only triggered when you are no longer able to make decisions for yourself and you have not appointed someone ahead of time to act on your behalf. However, it is highly advisable to appoint a conservator in advance through tools such as a financial power of attorney or a declaration of preneed guardian. These documents allow you to designate a trusted individual who can step in if necessary, reducing the likelihood of having a judge appoint someone for you. By planning ahead, you can ensure that the person you choose is aligned with your values, preferences, and needs. Without prior designation, the court may appoint someone to manage your affairs, which could result in decisions being made by a person who you may not have chosen, such as a distant relative or estranged family member. Therefore, taking proactive steps in your estate planning can ensure that your conservatorship process is carried out smoothly and according to your wishes.

How to Choose a Conservator: Key Considerations

When deciding who should take on this critical responsibility, you must carefully evaluate potential candidates. Here are several key considerations that will help guide your decision-making process:

1. Do They Have the Time to Act as Your Conservator?

Being a conservator requires a significant time commitment. Depending on the nature of your situation, the conservator may need to manage your finances, pay your bills, make healthcare decisions, or deal with other essential tasks.

The person you choose should have enough free time to handle these responsibilities effectively. Often, the most organized individuals may also be the busiest, so make sure that the candidate you’re considering isn’t already overburdened with their own responsibilities. The last thing you want is someone who lacks the time or energy to advocate for you properly.

2. Are They Physically Close to You?

While modern technology allows us to communicate and manage affairs remotely, certain decisions and actions still require in-person involvement. If your conservator lives far away, they may find it challenging to handle urgent matters effectively. Whether it’s visiting healthcare providers, managing property, or overseeing financial decisions, proximity matters.

If the person you’re considering lives across the country or internationally, you might want to explore whether they have the ability to travel or whether a local conservator would be a better fit.

3. Do They Have the Necessary Skills and Characteristics?

Managing someone else's financial and personal affairs is a huge responsibility, and the person you select should have the proper skills to fulfill the role.

Key qualities to look for in a conservator include:

• Organizational skills: They must be able to keep track of important documents, financial statements, and healthcare instructions.

• Reliability: A conservator must be dependable, as the position requires consistent attention to your needs.

• Decision-making ability: Your conservator may need to make difficult choices about your healthcare, living situation, or financial matters. They must be able to make decisions in your best interest while respecting your wishes.

• Financial skills: Since a conservator is often responsible for managing assets, paying bills, and overseeing investments, financial acumen is essential. If the person you trust doesn’t have these skills, it may be worth considering professional assistance.

4. Will They Respect Your Wishes?

When choosing a conservator, you want someone who not only has the skills but also understands and respects your values. Whether it’s a decision about healthcare or property, a good conservator will act in your best interest while respecting your personal preferences.

Discuss your expectations with the person you're considering and ensure that they understand what’s involved. They should be willing to step into the role with clear eyes about the responsibilities they are about to undertake.

Professional or Family Conservators: What’s the Best Option?

Many people automatically think of choosing a family member as their conservator, and while this is a perfectly reasonable option, there are cases where professional conservators or organizations may be a better fit.

Family Member Conservator

The biggest advantage of selecting a family member is the inherent trust and understanding you likely already share. A close family member will have a deep understanding of your personal values, health concerns, and financial situation. They may also be more motivated to act in your best interests, as they have a vested interest in ensuring that your wishes are followed.

However, there are some potential downsides. Family dynamics can sometimes complicate matters, and appointing a family member may lead to misunderstandings or disputes. Additionally, if your family member is not well-versed in managing finances, they might struggle to fulfill the role effectively.

Professional Conservator

A professional conservator is someone who specializes in managing the financial and personal affairs of individuals who are incapacitated. This might be a lawyer, certified public accountant (CPA), or even a professional fiduciary.

The advantage of hiring a professional conservator is their experience and neutrality. A professional can objectively manage your assets without the emotional baggage that might come with family involvement. They are also more likely to have the necessary skills and training to handle complex financial decisions or healthcare arrangements.

However, professional conservators do charge a fee, and these fees can add up depending on the complexity of the conservatorship.

Corporate or Institutional Conservator

An institutional conservator is usually a bank trust department or a trust company that specializes in managing conservatorships. These institutions have staff with experience in managing both personal and financial matters, and they can offer a high level of expertise in handling your affairs. For more information, you can visit their about page.

The advantage of an institutional conservator is their ability to provide long-term management and stability, particularly if you have significant assets or complex needs. However, as with professional conservators, the fees for these services can be quite high.

Creating a Conservatorship: What You Need to Know

In many jurisdictions, conservatorships are initiated through a court process. The person you choose may need to petition the court to be appointed as your conservator if you are unable to act due to incapacity. Therefore, it is essential to establish the groundwork in advance, ensuring that your chosen conservator is clearly identified in your estate planning documents.

• Financial Power of Attorney: In many cases, this document can serve as a proactive solution to avoid the need for a conservatorship. By designating an agent through a financial power of attorney, you can allow someone to manage your financial affairs without court intervention, unless specified otherwise.

• Living Will/Healthcare Directives: In addition to the financial aspects, a healthcare directive or living will can ensure that your health-related decisions are also made in accordance with your preferences.

Peace of Mind for Your Future

Choosing a conservator is an essential step in estate planning, ensuring that your personal and financial affairs are managed by someone you trust when you are no longer able to do so yourself. Whether you opt for a family member, a professional, or an institutional conservator, it’s critical to select someone with the right qualities and qualifications.

Take your time in evaluating potential candidates, and make sure they understand the responsibilities involved in managing your affairs. Discuss your decision with them openly and ensure that they are willing to take on the role.

If you need assistance in creating a conservatorship plan or have any questions, our team of experienced attorneys is here to help guide you through the process. Contact us today to schedule an appointment and secure your future with confidence.