There are times when an individual no longer has the mental capacity to properly manage their finances and assets. Rather than leaving these parties to fend for themselves, state law allows the courts to appoint conservators to manage their finances, under certain circumstances.
Conservatorships often result from a request by the family for the court to intervene. When the family is all in agreement, they may file for an uncontested conservatorship. If your loved one is unable to make important decisions regarding their finances, you can benefit from a discussion with a Marietta uncontested conservatorship lawyer. Work with one of our attorneys to better understand this process.
Once appointed, a conservator has control of a ward’s financial assets. The conservator steps into the shoes of the ward by managing their income and distributing it as needed. Despite the ward’s inability to work, it is not uncommon for conservators to deal with passive income from investments or other assets. The responsibility of disbursing that income and paying any tax obligations falls on the conservator.
A conservator can look after a ward’s financial interests in other ways. For example, they have the ability to enter contracts on the ward’s behalf when it is in the ward’s best interest. A conservator can even engage with a lawyer on the ward’s behalf. Their role also includes managing the ward’s portfolio and potentially investing assets in a way that benefits the ward.
Conservatorship may be necessary for a minor when they receive a substantial inheritance or large injury settlement. Ask a Marietta lawyer about filing for uncontested conservatorship of a minor.
When it comes to conservatorships, the family members of a potential ward are often able to reach an informal agreement about the necessity of a conservator before any paperwork is ever filed with the court. These are known as uncontested conservatorships.
When family members or other interested parties object in some way, however, the conservatorship case then becomes contested. For example, some contested conservatorships involve a dispute over whether the ward requires help at all.
In other cases, the family might agree that conservatorship is necessary but disagree on the best person for the role. It is possible that multiple parties might want to serve as the conservator, which could begin a heated debate.
Contested cases require one or more hearings to resolve, and the court will ultimately decide whether a conservatorship is necessary and determine who is best to fill that role.
If your family has reached common ground regarding a loved one’s need for someone to handle their financial matters, a conservatorship might be the best option. When parties see eye to eye on this issue, the process can move quickly and with little cost to you and your family.
One way to expedite the process is by working with a Marietta uncontested conservatorship lawyer. Reach out to our intake team today to learn more.