What is a Co-Conservatorship in Colorado?
Conservators are people who are appointed by the courts to provide assistance for adults who have become incapacitated due to physical or mental disability. The primary role of a conservator is to manage all of the financial affairs of the person such as paying bills, making purchases or sales of property, filing tax returns, managing investments and more. This can become a very time-consuming and complicated task for one person to handle, especially when the conservator has financial affairs of their own to handle.
In some cases, the courts will appoint co-conservators for this responsibility. It is the duty of the co-conservators to work together toward the common goal of protecting the incapacitated person, to manage all of these affairs. Co-conservators may be named for different reasons:
- A single conservator is unable to devote the time and energy necessary for this role
- One of the conservators resides in a different state from the incapacitated person and is unable to make timely decisions
- Two parents wish to share the duties of protecting their disabled adult child
- Siblings wish to protect an aging parent together
- Two people who are very close to the person want to show their support
Co-managing a conservatorship estate can be a tricky endeavor. The two parties must have similar levels of competency, similar core values, good communication skills and a true willingness to work as a team to get the job done. The courts will make every effort to ensure that the right people are chosen, but it is always advisable for other family members to keep watch and alert the courts of any red flags (misuse of funds, questionable decision-making, etc.).
If you need to create a will, trustor durable financial power of attorney or want to question the conduct of a appointed conservator for a loved one, contact the experienced estate planning lawyers in Denver at The Brown Law Firm, LLC. They can help you understand the legal process, explain your rights and help you protect your loved ones. If legal action is necessary, they are the right team to have on your side.
To learn more about co-conservatorships in Denver, contact The Brown Law Firm, LLC, to arrange an appointment: (303) 339-3750 or visit our website.