Many people fear conservatorships. They feel an aversion to losing control of their finances. Conservatorships exist to protect people who are vulnerable, not to endanger them.
While family members may feel nervous about pursuing conservatorship, the reality is that they can benefit aging adults. Having an outside party manage assets and handle financial obligations can protect people who are vulnerable due to advanced age and medical challenges.
1. Preserving resources
People experiencing cognitive decline later in life may not always make the best decisions regarding their money and other resources. They could waste what they have or sell valuable assets for far less than their fair market value. Having a conservator manage those assets can preserve those resources for the rest of a person’s life.
2. Eliminating financial stress
Older adults may find it difficult to remember to pay their bills and to review their finances regularly. Conservators can assume those responsibilities, which can reduce financial stress for people in their golden years.
3. Reducing the risk of financial abuse
There are fraudsters who intentionally target older adults. Additionally, family members or even professional caregivers might commit financial abuse by manipulating or stealing from older adults. A conservator can protect an older adult from financial abuse by eliminating their direct control over resources.
Asking the courts for conservatorship can help ensure the financial stability of an older adult who may otherwise struggle to manage their own affairs. Families may need to step up when they notice that a loved one has made financial mistakes or experienced financial abuse. Prompt legal action can protect people who are vulnerable to mistakes and misconduct.
