We often take for granted our ability to make decisions regarding personal matters, including healthcare and finances. However, without a clear plan for how your estate should be managed if you become incapacitated, a court might appoint a Conservator to oversee these affairs. Please continue reading as we delve into the duties of a Conservator in an estate and underscore the importance of consulting an experienced Rockland County Estate Planning Attorney to explore your options and ensure your wishes are respected.

What is the Role of a Conservator in an Estate?

When a Conservator is appointed by a court, their general role is to serve as the guardian for an individual who may be incapacitated or otherwise unable to manage their personal affairs. This individual is essentially responsible for the well-being of a ward, ensuring their basic needs are met.

However, the court also possesses the authority to appoint an individual to serve as the Conservator of an estate. This designation permits a person to manage the financial affairs of an estate owner who has been deemed mentally incapacitated, whether due ot injury, mental illness, or any conditions that impair their capacity to administer their own affairs.

Conservatorship can be categorized into various types:

  • General Conservatorship: This is typically established for individuals requiring comprehensive care and management of their affairs.
  • Limited Conservatorship: This is designated for those with developmental disabilities who require assistance with specific aspects of their care and finances.
  • Temporary Conservatorship: This is appointed to address immediate needs while a general or limited conservatorship is in the process of being established.

This arrangement bears a resemblance to a power of attorney; however, a Power of Attorney constitutes a voluntary agreement initiated by the estate owner. Furthermore, a Power of Attorney may be circumscribed in its authorities and obligations, as stipulated by the terms and conditions established within the document by the individual, whereas a Conversator operates under the explicit authorization of the court.

What Are the Key Duties?

A comprehensive understanding of a Conservator’s scope of responsibilities is essential to ascertain the specific financial aspects for which this individual would be accountable. As previously stated, this role primarily involves managing the estate owner’s affairs, which includes, but is by no means limited to, the following:

  • Create a detailed inventory of the conservatee’s assets
  • Provide regular accounts of income and expenses
  • Budget assets
  • Ensure the conservatee is placed in the most appropriate setting for their needs
  • File taxes on behalf of the estate
  • Make investments
  • Provide annual reports to the court
  • Act in the conservatee’s best interest

As you can see, a Conservator acts as a decision-maker for an individual who cannot make decisions for themselves. If you have been appointed as a Conservator, please don’t hesitate to contact an attorney at The Lauterbach Law Firm. Our legal team can assist you in carrying out the responsibilities that accompany this role.