An estate conservator supervises and oversees your financial assets if you become incapacitated. If the court decides that a person does not have the cognitive or mental ability to manage your property and money, it appoints a conservator to supervise your estate. The conservator has legal obligations to act on your behalf and provide recommendations to handle your financial assets in your best interest.
When you appoint a conservator, you give them the right to manage your estate, pay bills, file annual tax returns, and make all other financial decisions on your behalf. For this reason, it’s vital to pick the right conservator for your estate. Here are some tips to help.
Tips to Pick the Right Estate Conservator
Picking a conservator for your estate is a big decision. Essentially, you are saying that you trust this person enough to handle everything you’ve worked for in your life. If you choose a guardian for a minor, they will have the authority to manage your child’s inheritance to pay for their education, health insurance, living arrangements, and all other financial obligations once you are gone. That’s why it’s vital to pick the right person.
So, how do you pick the right person? Here are some tips that can help you in deciding.
Pick a Dependable Person
A conservator is essentially authorized by the court to spend your hard-earned money. You must choose a trustworthy person. They will have to make decisions of financial importance for you, so pick a person who would take the appointment seriously. A person who does not value you may abuse the position. Find someone with whom you have unwavering faith in their ability to put your best interest first.
Select Someone with Good Financial Management Skills
A good conservator should not only be committed to your wellbeing, but they should also know how to manage your assets properly. Picking a person who will take the proper measures to help you in your disability and incapacitation is the best way for you to protect and preserve your estate.
They should be able to handle your taxes and investments appropriately. They must be qualified to do the challenging job of managing your bills and debts. If the time comes where you need to sell your property, they should have at least a general knowledge of the legal process.
Seek Professional Help
Nominating a person close to you might seem like a viable option, but you must opt for the right option. Seek professional advice before you make a final decision. Law firms and estate agencies provide conservatory and advisory services if there isn’t a suitable option available. They can also look at your circumstances and give you objective advice on whether you are making a good choice.
Talk to Your Potential Conservator
Before filling out any legal documentation, talk to the individual you want to name your conservator. Be sure they feel comfortable with and welcome the responsibility.
Contact Ensberg Law Group for a Free Consultation
If you need help planning your estate or assigning an estate conservator, we’re here to help. Contact us today to schedule a free consultation with a reliable Azusa probate lawyer.