If you have a parent or other loved one who is no longer able to take care of his or her financial affairs, it may be time to set up a conservatorship. Essentially, a conservator is someone who can be designated or approved by the court to manage your loved one's finances. One of the primary functions of a conservator would be to protect your loved one's assets.
Of course, a conservator must have the requisite accounting skills needed to perform his or her duties. The conservator is responsible for establishing and maintaining an effective accounting system. This system should clearly delineate all of your love one's liabilities, income, and disbursements.
Further, the conservator must submit reports regularly to the Court. Along with the above-mentioned details, the report should include the opening and closing balances of all pertinent accounts.
In order that the information in the accounts can be verified, the conservator must also maintain supporting documentation that can be submitted if requested by the Court. Additionally, you as an interested person should be able to request a review of the records the conservator is keeping for your loved one.
As your loved one ages, it is vital that his or her assets are protected and allocated properly and you should only allow someone you trust to act as a conservator. Once you have made your choice, there are a series of legal steps you will need to take the get that person approved by the Court.
It is always best if you can get a conservator approved by the Court and working as quickly as possible. And an experienced elder care attorney can guide you through the legal process in an effort to make sure that the conservator is able to take over his or her responsibilities without undue delay.