When people age or experience medical emergencies, they may struggle to fulfill their obligations and act in their own best interests. Concerned parties can request conservatorships or guardianships under state law if an adult has displayed an inability to properly manage their own affairs.
Depending on the circumstances, a competent adult can ask to oversee a vulnerable individual’s daily life as a guardian. They can also assume authority as a conservator. Many people are familiar with guardianships but less certain about conservatorships. A conservatorship involves appointing a competent adult to manage another person’s assets and financial obligations.
How can conservatorships protect vulnerable aging individuals?
Preserving key resources
People who struggle to fulfill their financial obligations may end up with inadequate resources to cover their basic living expenses. They may fall behind on their bills and face litigation. They could be at risk of foreclosure or eviction. People who struggle to manage their resources or pay their bills on time may benefit from having someone else oversee their finances.
Limiting fraud and abuse
As people age, they become increasingly vulnerable to financial fraud and economic abuse. Family members and caregivers may mistreat people or steal from them. There are even certain types of scammers who target older adults in particular. A conservator can protect individuals from fraud and financial abuse by providing a degree of separation between the person and their valuable property.
Family members and others concerned about an aging individual’s diagnosis or their struggles to manage their affairs can ask the courts to appoint them as conservators. Much like guardianship, conservatorship can play a key role in ensuring an individual’s safety and comfort when they struggle to meet their own needs consistently.