Many people know that if you are old and unable to take care of yourself, you can go to court and ask someone else to manage your affairs. But there are two different options for doing this. One is called guardianship, and the other is called conservatorship. The difference between guardianships vs conservatorships is simple on its face: A guardian manages a person’s affairs, while a conservator protects a person’s assets. In reality, though, it can be complicated! Let us explain the difference between these two legal tools so you can decide which is suitable for your family member.
What Is A Guardianship?
A guardianship is a legal relationship that gives one person the right to make crucial decisions for another. A guardian, who may be an individual or a corporation, is responsible for the care and support of a ward. The court may appoint a guardian if it determines that the person cannot manage their own affairs because of mental incapacity, physical infirmity or advanced age (over 65).
A person can also choose someone else as his/her representative in making decisions about property, health care and other issues related to daily living by executing a power-of-attorney document (such as durable power of attorney). If this person becomes incapacitated or dies without having executed such documents naming another agent, then his/her family members will need help from the court system in order for them to carry out their wishes regarding these matters after death.
What Is A Conservatorship?
A conservatorship is an arrangement in which a person or entity is appointed by the court to manage the financial affairs of someone who cannot do so on their own. The court appoints a conservator because it has determined that the person who needs help managing their finances cannot make sound decisions about those matters. A conservator may also be able to make other types of decisions on behalf of the person they’re caring for, depending on what kind of powers have been given them by law and order (such as medical care).
If your parent or other loved one needs help managing their money but isn’t suffering from any cognitive impairment that makes them unable to handle day-to-day tasks like cooking or shopping, then guardianship may be right for them instead.
Most States Require That Both Guardians And Conservators Be Bonded
In most states, both guardians and conservators are required to be bonded. Bonding is a type of insurance that protects the assets of the person being protected. It’s not required in all states; however, it is generally required for both guardians and conservators.
Some states require bonding for only one or the other type of legal representative (guardian vs conservator), while others require bonding for both types (or neither). In addition to state laws on bonding requirements, many courts impose rules about who must be bonded and how much coverage is needed for each case.
How To Choose A Guardian Or Conservator For Your Senior Family Member
Choosing a guardian or conservator for your senior family member is challenging. You want to make sure you choose someone who will be a good fit for your loved one, can handle the responsibility and respect their wishes. But most importantly, you need to find someone who can communicate with them effectively to avoid feeling isolated from everyone else in their life.
Conclusion
If you are in need of a guardian or conservator, it is important to understand the difference between them. If you have questions about this process and how it works, please contact an attorney who specializes in estate planning and probate law.
