What it Means to Become a Conservator in Minnesota
Finances are funny things. After each of us has been here long enough, there’s the possibility that we’ve wished that we had a little extra help with money at one point or another.
Conservatorships are one such form of help. While having a conservator probably doesn’t mean that you’re going to receive additional income, it does imply that while you’re incapacitated, someone can manage your property and finances for you.
Potentially, you’re not reading this article for your own sake. You’re possibly doing some investigation on whether or not you should consult a conservatorship lawyer in order to help a close friend or family member.
The situation is most likely a little tense, but that doesn’t mean that you need to stress. Perhaps it’s your time to put yourself in someone else’s financial shoes. To help you get a general sense of what it means to be a conservator, consider the following.
Being There for Them
Being someone’s conservator means that you’ll be there for them. This isn’t about your benefit or profiting from someone else. Rather, you’re taking care of another party’s decisions relating to their finances. This kind of assistance may not be applicable to every situation as conservatorships are normally implemented when one party has difficulty making decisions on their own. You probably can’t obtain conservatorship if you merely want what’s best for another party. There should be some kind of reason that warrants the conservatorship.
Moreover, the reason for the conservatorship can’t be any given reason. Say that a wife visits a lawyer because she learned that her husband made a poor decision by purchasing a boat while they don’t have adequate income. The lawyer’s response might be sympathetic to her financial situation.
Though, her husband isn’t incapacitated, preventing her from obtaining a Minnesota conservatorship. In the case that her husband was incapacitated, she might not need the boat purchase to warrant conservatorship. Be mindful that whether or not her spouse is incapacitated can be subject to a court ruling.
Different than Guardianship
While you may be acting as someone’s guardian in the sense that you’re protecting their money, acting as a conservator doesn’t make you their legal guardian. The two titles are sometimes interchanged due to their similarities.
Nonetheless, conservatorship and guardianship are technically separate legal terms. The main differences lie in what each role manages. Conservators manage an incapacitated individual’s finances while guardians manage situations relating to the incapacitated individual’s physical health.
Note, however, that some states/individuals may refer to conservatorships as guardianships. You can also hear someone refer to a conservator as a trustee. If you are serious about becoming someone’s conservator or guardian, you should be clear about what kind of decisions you want to make.
And to ease any concerns, you can become both someone’s conservator and their guardian. You don’t need to run out and find someone else who you can trust to take over the other role. If you have the time and willingness, you can make both financial and medical decisions for the incapacitated individual.
Investing Properly | MN Conservator
Investments are a wide topic and can make or break relationships depending on how they’re managed. Just as you don’t need a professional financial advisor to carry out your personal investments, you don’t need to have or be a professional financial advisor to invest the liquid assets of an incapacitated individual.
As conservator, your primary goal is to see that their finances are utilized in the best manner possible. This can range from a small bank account to actual investing.
The conservator is also responsible for where the money itself is kept. Should some of the money go missing from the account, it’s the conservator’s job to figure out why and contact the necessary parties.
Until the incapacitated individual regains their full capabilities, as in the case of awaking from a coma, the conservator should watch and protect the liquid assets like a hawk.
Don’t assume that the presently incapacitated individual will remain incapacitated forever. You should have at least two plans that should mesh together, one that accounts for them remaining incapacitated and one that accounts for them regaining their ability to make decisions on their own. Above all, anticipate that the incapacitated individual will need money to resume their daily life and pay off unforeseen bills.
Physical Assets
Good conservators do more than simply manage cash and checks. They’re also the ones who are responsible for the incapacitated individual’s personal property. Effectually, if you own something, your conservator has power over what happens to that asset while you’re incapacitated. They can sell your house if they think it’s in your best interests.
Relative to how much debt needs to be paid, you may find yourself residing in a townhome rather than your three-story mansion. Debt may greatly alter your livelihood while you’re stuck in a coma.
On a separate note, make sure that your family and friends can gain quick access to your wills and/or trusts. A conservator might be someone who is unaware of your wills and/or trusts. Ideally, someone who knows about the contents of the legal documents will step in to ensure that they know how you want your property distributed.
Play things safe, nonetheless, by letting people in on those documents and informing them where you keep them. Do this as soon as possible. You don’t need to read off your will during a family gathering. Simply ensure those who need to be in the know are in the know.
Help Becoming a Conservator
Since the process of becoming a conservator can take ages, here’s a recommendation to speed up the process. Consult a conservatorship lawyer. The law firm of Flanders Law Firm LLC can provide you with some assistance. If you have a loved one who’s unable to make all their decisions by themselves, now might be the right time to seek legal help.
The situation could be rather serious and directly impact multi-generational property. Decide whether or not you can afford to lose that property or if you need to do something more.
Because someone is incapacitated doesn’t mean that you cannot do anything about the situation. Call 612-424-0398 for assistance.
