Conservatorship
A Conservator is a court-appointed individual who manages the finances of an incapacitated person. The conservator has the authority to collect, hold and retain assets of the Protected Person’s estate. In addition, the Conservator has the duty to manage and invest assets of the Protected Person and to pay the debts and ongoing bills of the Protected Person.
Alternatives to Conservatorship:
-
Durable Power of Attorney
In which an individual nominates a potential substitute decision maker in case of his or her incapacity.
-
Representative Payee
If the person receives Social Security benefits, a Representative Payee can be appointed. When a person with special needs cannot make important financial decisions, the SSA sends the benefits directly to a third party, known as a representative payee, who is charged with managing the funds for the beneficiary. This may include paying bills and providing the beneficiary with a personal allowance each month.
-
Bill Pay and Budgeting
If the disability does not impair the individual’s capacity too greatly, assisted bill pay options can be beneficial. This option allows us to write the check and maintain the check ledger while the disabled individual retains check-signing authority. This is for the sole purpose and convenience of paying the disabled person’s bills.
