The two indispensable legal arrangements which come into play, in estate planning, are conservatorship and guardianship. Both these terms are usually applied simultaneously; however, there exists a difference between them, which is very important to learn when decisions have to be made regarding the care and management of affairs of a loved one. This detailed guide shall cover conservatorship vs guardianship, their role in estate planning, and how to select the right option for your particular situation.
The basic differences between conservatorship vs guardianship revolve around issues of the extent of authority and the groups they usually serve. Generally speaking, conservatorship looks to address issues involving the financial care of an incapacitated adult, while guardianship is broader in scope, offering personal care decisions for minors or for incapacitated adults. With a conservatorship, the appointed conservator is granted authority over matters such as bill paying, investments, and management of assets. Conversely, in some cases, the guardian would assume responsibility for guiding the ward’s daily life on basic levels regarding health, schooling, or living conditions.
Conservatorship vs Guardianship in Estate Planning
In estate planning, one needs to know where conservatorship vs guardianship differ. It is easy to see how both legal arrangements can play a critical role in the well-being of loved ones who can no longer care for themselves. In your estate plan, you name a guardian for minor children or a conservator for an adult who may be unable to handle their affairs sometime in the future. With this estate plan, you are naming who should look after the personal and financial matters in that eventuality. It will be deemed great foresight by this unequivocal guideline to avoid any potential conflict, and your will is taken as a last wish.
Conservatorship vs Guardianship Overview in Estate Planning
Which conservatorship vs guardianship option to choose concerning your estate plan comes with factors mentioned above, especially the age and capacity of a person in question, and what generally needs to be dealt with. In case primary intervention is required financially for an adult who may become incapacitated, conservatorship might be your best choice. However, in planning that requires the care of minor children or an adult who requires both personal and financial care, guardianship may be in order. It is advisable that one consults with a qualified Estate Planning Attorney who can take him through a decision-making process and advise him on the legal implications of each of his decisions.
What is Conservatorship?
A conservatorship is a legal arrangement whereby a court appoints a person or organization the conservator responsible for the financial affairs of another person the conservatee who is no longer competent or able to manage his or her own assets. The most common conservatees are adults who have become unable to care for themselves because of illness, injury, or some form of cognitive impairment. These might include the conservator managing bank accounts, paying bills, and making investments as well as other financial concerns for the conservatee. All conservatorships fall under court supervision, which means a certain amount of reporting is required on a periodic basis to ensure the conservator is performing in the best interest of the conservatee.
What is Guardianship?
Guardianship is a legal relationship where the court appoints an individual the guardian to make personal and sometimes financial decisions for someone no longer capable of looking after themselves, now referred to as the ward. Guardianships may be established for minor and incapacitated adults. More often than not, the responsibilities of the guardian include making decisions with regard to the living arrangements of the ward, his or her healthcare and education, and day-to-day care. In some cases, the guardians can also be granted with limited powers in financial issues. In such scenarios, there is the need for small amounts of money for the provision of immediate needs for the ward.
How to Handle Conservatorship vs Guardianship in Estate Planning
We all have to know how conservatorship vs guardianship differ in estate planning. While conservatorship and guardianship can both be created for the protection of some individuals, they serve different purposes, and the levels of responsibility differ. Generally, conservatorships address the financial management of incapacitated adults, while guardianships encompass personal care decisions for minors and adults alike.
As you incorporate them into your estate plan, you will consider with a great deal of sensitivity what each of your loved ones may need and are encouraged to consult with an experienced attorney. Because conservatorship and guardianship deal with different levels of authority in terms of the care of others who may one day not be able to care for themselves, making informed decisions can enable you to ensure your estate plan provides the protection and care a loved one needs someday.
If you have any other questions about your estate plan, please do not hesitate to contact Antanavage Farbiarz today! You can give us a call at (610) 562-2000 or click here to schedule a consultation with one of our experienced attorneys. Let us help you protect your legacy and give you and your loved ones the peace of mind you deserve.
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