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Understanding a conservatorship

Trying to help family members and other loved ones in Colorado can be difficult, especially if they are not willing to accept your help. Sometimes, because of mental ailments or personality traits, a person who is no longer capable of managing financial affairs may be resistant to accepting the help of a loved one. This can lead to financial devastation and ruin. We at The Hughes Law Firm understand that sometimes the best choice is not an easy one when it comes to managing your loved one’s affairs. This is when a conservatorship becomes necessary.

 

A conservatorship is a legal authorization that gives you the right to control the financial affairs of those who are no longer capable of doing so themselves. To have this granted, you will need to have a hearing, during which you can present evidence to the need for a conservatorship. This will usually include a letter from a physician and possibly a psychiatric evaluation. Notice of the hearing, as well as the judge’s decision, will need to be given to the person you feel is incapacitated and any other family members who may be interested.

 

In order to be named conservator, you must complete special training, review the fiduciary duties required of the position and file a credit and CBI report with the court. You must also file a financial plan and inventory and then complete annual reports. After this the court will usually appoint an unbiased court visitor to ask questions.

 

The process to obtain a conservatorship can be complicated. To be learn more about it and how you can care for your loved ones in this manner, visit our web page.

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