Every day we make hundreds of decisions for ourselves—from what to eat for breakfast to where to vacation. However, what happens if you cannot make decisions for yourself? Who do you want making day-to-day decisions on your behalf and serving as your conservator?
Financial Power of Attorney (POA) for Conservator Assignment
If you have recently created or reviewed your estate plan, you have probably discussed and signed a financial Power of Attorney. For those on the fence about completing your estate plan, this important tool allows you to authorize an individual of your choice to manage your financial affairs. For example, choose someone to sign checks in your name, open a bank account, manage your real property, enter contracts on your behalf, etc. This can benefit you if you are no longer able to do these things for yourself. In such a case, someone else can legally step in and handle these tasks for you immediately.
Conservator Authority
However, you may run into situations in which third parties require the nominated individual to exercise explicit authority. They may need to complete tasks or manage your financial affairs. If this is the case, you will want it done in a way that is not provided through a signed financial POA. In these cases, if you no longer have capacity, your loved ones may need to go before a judge.
Financial POA Responsibilities
At this point, they would ask the court to appoint a conservator for your benefit. This is why you should not only appoint an agent in your financial POA but also nominate a conservator for yourself in case the need for one arises. You can accomplish this through documents. For example, you can refer to a declaration of pre-need guardian. The title of this tool may vary depending on your state of residence). In California, you cannot self-appoint a conservator. But you can plan for the event you need one.
Role of a Conservator
A conservator is essentially a court-appointed and court-controlled agent. Depending on your state law, this person may serve as a guardian or guardian of the estate. The court delegate and grants the person in this role authority. The court orders them to handle financial affairs on your behalf if you cannot do so on your own. In many jurisdictions requiring guardianship or conservatorship, the court gives agent priority. The person named as an agent or desired conservator under a financial POA, making it incredibly important to prepare one.
Do you have one of these tools in place? Each state defines the law. In some cases, you could end up having someone handling your affairs whom you would have never wanted. For example, the court could appoint an estranged parent or sibling. A financial POA enables you to share your wishes and preferences with the court.
Make sure the person who takes care of you is someone you trust. It is important that you choose the right person. When analyzing the pool of candidates, consider the following questions:
Do they have the time to act as your guardian?
Often, the most organized and knowledgeable individuals are also the most heavily scheduled and may not be able to step in easily.
Do they live close to you?
Even in our digital world, some issues may take multiple steps or require in-person interactions to resolve. If the individual you are considering appointing lives far away, they may not be able to carry out their duties fully without unnecessary time and expense.
Do they have the necessary skill set?
When acting as a conservator, it is crucial that the individual you select is organized, thorough, and able to communicate clearly. A person who is scattered or is unreliable is unlikely to be a good advocate for you.
While we all want to retain as much autonomy as possible, there may come a time when we need someone to act on our behalf. Selecting the right individual to act as your advocate and ensure that you are taken care of according to your wishes is especially important. If you have any questions or would like to discuss whom you should appoint for this role, contact us. We are here to help.
About Skvarna Law Firm in Glendora and Upland, California
Skvarna Law Firm operates offices in Glendora and Upland, California. We provide legal services. We cover San Bernardino, Los Angeles, Orange, and Riverside Counties. This includes several cities. Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Pomona, La Verne, Montclair, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
