This month on the podcast, Claire Mattson and Elise Myers, two family wealth planning experts on the CPMT team, sit down and discuss what Claire calls “a case study of generational interaction, conflict, and the kind of things that happen around holiday gatherings.”
Specifically, the case study explores what happens when the members of a family realize that it’s time to take legal action to care for aging loved ones who may be experiencing dementia or other health issues.
Today, we’ll learn about some of the options that are available when this happens.
Of course, navigating the legal options for helping a loved one who’s unable to make important decisions can be overwhelming.
Terms like “conservatorship” and “guardianship” are often used interchangeably by laypeople, but in reality, they refer to distinct legal roles.
Understanding the differences can help you choose the best path forward for your loved one.
What Are Guardianship and Conservatorship?
Guardianship is a legal arrangement where a court appoints someone (the guardian) to make personal decisions for another person (the ward).
The guardian is expected to make decisions about the ward’s healthcare, living arrangements, and day-to-day needs.
Guardianship is commonly used for minors, elderly individuals, or adults with disabilities who cannot manage these aspects of their lives on their own.
For example, if an aging parent can no longer make safe living arrangements or manage medical care, such as in the case Elise and Claire discussed, a guardian might step in to handle those responsibilities.
Conservatorship, on the other hand, refers specifically to financial oversight. A conservator is appointed by the court to manage someone’s assets, pay bills, and otherwise manage financial affairs.
Key Differences
The biggest difference between guardianship and conservatorship lies in the scope of responsibility.
Guardianship deals with personal and medical decisions, while conservatorship addresses financial matters.
In many cases, both a guardian and a conservator may be appointed for the same individual.
However, it is possible to have either a guardian or a conservator without necessarily requiring both.
When Should You Consider Guardianship or Conservatorship?
Deciding to pursue guardianship or conservatorship is never easy, but it becomes necessary when your loved one can no longer make safe decisions independently.
If they’re forgetting to pay bills or struggling with basic daily tasks, these legal tools can help protect their well-being and assets.
Before deciding that a conservatorship or guardianship is necessary, you may want to consider less restrictive options like a power of attorney or advance directive.
These documents allow your loved one to name someone they trust to handle their affairs before they lose the ability to make decisions.
Guardianship or conservatorship is typically a last resort.
If you’re unsure about your next steps, be sure to reach out to someone on the CPMT legal team to help you figure out what makes the most sense for your situation.
Choosing the Right Option
Both guardianship and conservatorship are designed to protect individuals who cannot care for themselves, but these two types of protection serve different purposes.
If you’re trying to make this decision, don’t go it alone.
Instead, your first step should be to consult with a qualified legal advisor.
Our team at CPMT can help you figure out what to do moving forward. Contact us today for a free consultation!