Guardianship and Conservatorship: What You Need to Know
This month our Legal Brief focuses on what you need to know about guardianship and conservatorship. Definitions, purpose and need for these roles, and how you can create a plan allowing you to choose and name a person for each role.
As we age, issues of guardianship and conservatorship may come up. If at some point an individual is no longer able to make financial or medical decisions a court may need to designate a guardian, conservator, or both. The court’s decision to appoint a guardian or conservator removes the individual’s rights to make decisions due to the individual’s inability to manage safely and effectively on their own. Those entrusted with these roles take over making decisions for the protected person.
Colorado separates guardianship, appointing someone to make health and welfare decisions, and conservatorship, appointing someone to manage finances and assets.
Why two distinct roles?
Separating these roles allows for an individual to continue making health and welfare decisions when able, while appointing someone to take over financial decisions. The opposite could occur, depending on an individual’s situation and ability. When an individual needs both a guardian and conservator the court may appoint two different people required to work together making decisions in the best interest of the protected person.
A conservator works to ensure the protected person’s assets are used wisely for housing, medical, and other needs. Allowing bills to be paid and bank accounts managed. The guardian manages medical needs, support, care, welfare, housing, etc.
Leaving the decision of who takes on these critical roles to the court may not be in your best interest. By naming individuals within powers of attorney you allow yourself a say in the decision.
A financial power of attorney names a conservator, and indicates which financial decisions they can make for you. As your situation and needs change this document may need updating to fit your circumstances.
A medical power of attorney names someone to act as guardian, making health and welfare decisions when you are unable. This document helps medical professionals know who to consult with when you are unable to make decisions.
Determining the best person for these roles
When appointing a guardian or conservator the court takes several factors into consideration, including those named within powers of attorney. Ensuring someone appointed guardian or conservator will act in your best interest is crucial. You want someone who will manage your assets and medical care wisely. Having powers of attorney in place as part of comprehensive estate planning can give you peace of mind knowing someone you trust will take care of you.
If you or someone you know need to have the proper documents in place contact us today. Let Stone Law come alongside you as you make these crucial decisions. We can help make sure you have the right pieces in place to meet your specific needs and situation.
