Creating a comprehensive plan can be very beneficial for an individual throughout their life. In life, no one can ever predict the future and unexpected events can happen. This is why it is important for the person to consider all factors that they may wish to cover. Sometimes, an individual may become incapacitated due to a disease, accident, or a disability. In the event of this, it can be beneficial for the individual to have a guardian appointed to them. This is so that they have a person to take care of their assets for them if they no longer can. The person who steps into this role is known as a Conservator.
What is a Conservator?
When a person creates an estate plan, they may wish to assign a conservator in doing so. A conservator is a person who is responsible for taking care of the individual’s assets and managing them in the event that they can no longer do it for themselves. These assets include all investments, properties, and finances. This may happen in the event that an individual’s health deteriorates through disease or disability. It may also be necessary in the event of a debilitating accident.
It is important to be aware of the responsibilities this position entails. It is a challenging job that should not be taken lightly. This person is given financial power of attorney, requiring them to handle the individual’s assets accordingly while they are incapacitated. The conservator is in charge of making sure all of the individual’s taxes and bills are paid on time. This person may benefit from the guidance of an experienced estate planning attorney.
Applying for Conservatorship
Sometimes, an individual may become incapacitated and does not have an appointed conservator in their estate plan. In the event of this, a loved one may wish to petition that the court grants them the position. In this petition, the person who wishes to become the conservator must explain their relationship to the individual. This is in addition to why they believe they should be appointed to this role, possibly over another person petitioning as well.
While applying for conservatorship, the individual must prove to the court that their loved one is in need of a conservator. This may be done with a statement from a medical professional that works with the loved one and is aware of their condition. This professional is required to state whether or not they believe conservatorship is needed. Once this is done, the court schedules a hearing to determine if a conservatorship is necessary and who will fill this role.
Contact our Firm
If you or someone you know is looking to create an estate plan, contact JD Katz, Attorneys at Law today.
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.