Conservatorships and guardianships serve a number of purposes in an estate plan. Establishing conservators and guardians can help prevent costly legal disputes in the future (should you be unable to care for your minor children or loved one) and give you peace of mind as you plan ahead for your future or the future of a loved one.
Conservatorships can be granted by the state for elderly individuals, those who are incapacitated and those who simply do not have the mental soundness to make decisions. A conservator has the ability to make health-related decisions and decisions involving finances and future care.
There are different levels of power granted to conservators. The level of power granted depends on the type of conservatorship. Some of the various types of conservatorships in California include probate conservatorships, limited conservatorships, LPS, guardianships and more.
In California, guardians can be named to care for minor children in the event that parents are unable to care for the children. The named guardian can manage funds, the estate and any inheritance left to the children. Having a named guardian for minor children ensures that your children are cared for by the person of your choosing. This also eliminates the possibility of a court-appointed guardian being named.
Taking the necessary time to discuss conservatorships and estate planning can often help save time, money and future conflicts/disputes. It is important you have a full understanding of the various conservatorships in California before making an informed decision for your family’s future.
Choosing the right type of conservatorship for your situation should only be done after careful consideration and a consultation with a lawyer.