Having an aging parent can be a blessing, but it can also come with its challenges. While Colorado residents are certainly happy to still have their older parents around, it can be difficult to see mental decline occur and to witness parents struggle to keep up with important financial and household decisions. In some cases, an adult child may need to pursue guardianship in efforts to prevent detrimental outcomes.
In particular, it can be difficult for aging individuals to keep up with their real estate investments. Because real estate investments are often lucrative, it is important that property continues to be handled in an appropriate manner. If an older person begins to suffer from cognitive decline, he or she may not collect rent as necessary or fail to complete needed maintenance for property upkeep. Property taxes could even fall to the wayside.
When this happens, serious financial issues could result, and once lucrative investments could end up in trouble. If a parent refuses help and denies that a problem exists, an adult child may have a hard time protecting that parent’s finances and investments. If a concerned child cannot easily take over the management of the property, seeking guardianship or conservatorship may be worth considering.
Though it may seem as if obtaining guardianship or conservatorship of a parent is depriving him or her of independence, it may be necessary in order to prevent serious issues in the future. If Colorado residents have concerns about their parents’ abilities, they may want to gain information on this option. Consulting with knowledgeable attorneys could give them the opportunity to gain answers about how these options work and determine whether they may truly suit their predicaments.