Conservatorship of the Estate – Granada Hills
Leventhal Law group – Know your Estate’s Conservator
Ever thought about who will manage your financial affairs and assets if you ever face trauma that gives you a physical or mental disability, thus rendering you incapable of handling your estate on your own? Well, you should know, that the Elder Law allows you to appoint a conservator to manage your estate on your behalf. A conservatorship of Estate can also be ordered by court, if they find that the person concerned is incapable of making his own decisions with regard to his estate.
There is a major difference between Conservatorship of the person and Conservatorship of the estate – Granada Hills. In the case of the person, the conservator take’s care of the more personal needs of the conservatee (food, clothing, shelter and care) almost like a guardian. Whereas, in the case of an estate, the conservator has responsibilities to manage the financial affairs of the conservatee in his best interests.
What a Conservator of Estate Granada Hills Should and Shouldn’t Do:
1. Manage the conservatee’s finances
2. Create a list of assets that belong to the conservatee
3. Invest his money wisely so as to keep him financially sound.
4. His bills and taxes should be paid regularly and on time.
5. See to it that the conservatee receives any government benefits that he is entitled to
6. Make list of property that belongs to the estate of the conservatee and maintain insurances.
7. Keep letter of appointment safely and present it whenever required.
8. Prepare reports of incomes, expenses, dates and purposes of transactions etc. to submit to the court
1. Jumble his own assets with those of the conservatee.
2. Make unwise investments or use his funds riskily
3. Pay himself or take loans from his estate for yourself or for any other party.
4. Give away any part of the estate without court permission.
5. Deposit money from the conservatee’s estate into his own account
If you already have a living trust, or have appointed a power of attorney, you will not need the assistance of a conservator to manage your assets and finances when you are incapable of doing it yourself. In these cases, the successor trustee, or the power of attorney has the job of managing these on your behalf.
The court is constantly overseeing the actions of the conservators. They supervise, and expect to receive detailed information about all transactions that the conservator carries out for the conservatee. It is the court that pays fees to the conservator of estate.
All legal proceedings for conservatorship of estate can be a long process and will surely involve the submission of many legal documents. We would hate to see you feel out of place with all the legal jargon going around and the tasks at hand when you require a conservator. So allow us, at Leventhal Law Group, to assist you in getting a conservatorship of estate. We assure you, your estate will be placed in the right hands, with our help.