Conservatorship: What It Is and What to Do Next

When a person is unable to handle their financial affairs due to a disability or other illness, it may be beneficial to pursue a conservatorship. whether your situation qualifies for a conservatorship depends upon a variety of factors. A court must make certain findings in order for a conservatorship to be granted. The McMinnville OR estate plan attorneys from Goodfellow Law can assist in conservatorship matters.

What is a conservatorship?
A conservator is a third party who is granted the authority to handle a person’s financial affairs and control their assets. A conservator has a duty to act in the person’s best interest and to ensure that their needs are attended to. Conservatorships can be an effective way to ensure that assets are managed appropriately and not misused.

When is a conservatorship beneficial?
If a person is unable to make reasonable decisions regarding their finances or they otherwise lack capacity, a conservatorship should be considered. Conservatorships are frequently used when a person is disabled, or they are susceptible to make unsound financial decisions. Elderly individuals who are subject to possible schemes may benefit from a conservatorship.

How is a conservatorship granted?
In order to obtain a conservatorship, a petition must be filed with the court. Certain information must be provided, and notice must be given to certain individuals. A court may require input from neutral third parties and medical professionals as to whether a conservatorship is needed.

If the court makes all of the necessary findings and believes a conservatorship is warranted, then it will issue an order appointing the conservator and granting them authority.

For assistance in determining whether a conservatorship is needed and with obtaining one, contact Goodfellow Law to speak with our McMinnville OR estate plan attorneys. We can discuss with you the benefits of a conservatorship and answer your questions.