A conservator of an estate is a person chosen by the courts to protect an incapacitated adult’s financial affairs and estate. This is done if the incapacitated person had not previously named an agent under durable power of attorney to make financial decisions on their behalf if the need arises.
A conservator in Denver may be responsible for activities such as:
- Paying monthly bills
- Managing investments
- Determining the value of property or real estate
- Purchasing items needed like a new car
- Selling large items like a car, home or rental property
- Filing tax returns
- Filing appropriate forms with the state regarding financial dealings
- Getting court approval for certain duties
- Terminating the conservatorship when necessary
Even if a durable power of attorney has been named, this role may be overridden by the courts if:
- Multiple people have been named as decision-makers and major conflicts arise
- The decisions being made are not in the incapacitated person’s best interest
- Timely decisions are not being made
- Responsibilities are falling through the cracks, resulting in financial hardships
Regardless of the potential pitfalls, it is still advisable to draw up an estate plan while you are able to that includes a will/trust and a durable financial power of attorney. There are other appointments that are important to designate – those can be outlined for you by an experienced estate planning lawyer in Denver. With legal representation on your side, you can rest a little easier knowing you have done everything possible to plan for you future.
To learn more about estate planning and conservatorships in Denver, contact Brown & Crona, LLC, (formerly The Brown Law Firm, LLC) to arrange an appointment: (303) 339-3750 or visit our website.