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What Are Guardianships and Conservatorships?

By: Nick Messe

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Have you thought about what will happen after you die? Probably not. Few people want to face their own mortality or think about how their children and other family members will fair when they die. A survey done by Harris Interactive® for Martindale-Hubbell® concluded more than half of Americans did not have a will.

Many Americans believe you only need a will if you have sufficient assets. This is a misunderstanding of how a will works.
Anyone who owns anything, knows anyone, or has a family needs a will. In short, everyone needs one.

A will not only protects your assets, it protects your survivors. It is the legal document that tells your survivors who you want to care for your children, who you want to inherit your property, and how you want your assets divided. Without a will, the state decides. It is a long process that is often financially and emotionally painful for your survivors and may not result in an outcome you would have wanted.

Two of the more important decisions you will make in your will are establishing conservatorships and guardianships. A conservator is a person who manages the financial affairs of someone who cannot do so for themselves. A guardian is a person who manages the personal care and decision making of someone who cannot do so for themselves.

A conservator manages the financial affairs of someone who needs to be protected, such as an incapacitated adult or a minor. The conservator becomes the sole financial decision maker for the protected person, and except for a few limited powers, the protected person loses all control over their assets. A conservator can be an individual, a bank, a trust, or a professional fiduciary. You can set up a conservatorship for yourself or for someone else, such as a child or disabled adult for whom you have financial responsibility, in the event of your incapacity or death.

A guardian is a person who manages the personal care and decision making of someone who cannot do so for themselves, such as an incapacitated adult or minor. Unlike a conservator, a guardian does not have financial responsibility, but instead looks out for the person. They make decisions about issues such as where they should live, medical decisions, nutrition, and other care. Guardians can be friends, family members, or someone else you trust to care for you, or someone you are responsible for, in the event you're unable to do so.

If a guardian is needed, the court decides who is best suited to assume that role. You can nominate guardians in order of preference in your advance directive or last will. In the event the court cannot find a suitable guardian, a neutral third party may be appointed. Setting up a conservatorship or guardianship is an important part of protecting your family, and will give you peace of mind knowing that when you can't be there, they will be cared for.

Article Source: http://depositarticles.com/

Nick Messe is president of Lead Frog LLC. In Portland Oregon it's Martin, Elliott and Snell PC for an experienced Portland family law attorney. They always offer a personal and supportive approach to clients caught up in a divorce or other family legal matter - www.mes-law.com

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