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Dealing with the mental decline of someone close to you is difficult. Whether it's due to illness or disability, the worry that they might make monetary decisions that would be detrimental to their financial well-being can be especially troublesome. At Flatiron Legal Advisors, LLC, we can provide you with an experienced estate planning attorney in Boulder County who can assist you in your petition for conservatorship of a family member or loved one.
What is a conservator?
A conservator is an individual, appointed by the courts, who is responsible for all financial affairs of another, usually an incapacitated adult. An incapacitated adult is understood to be someone who is unable to make basic decisions regarding their health, safety or care. It is the conservator's job to protect and manage the estate of person they are overseeing.
Conservatorships can be granted over the estates of someone who is detained or cannot return to the United States. A missing person may also have a conservator appointed. Anyone who is twenty-one or older may petition for conservatorship of an individual under Colorado law. However, if the petitioner is also providing long-term care for the protected individual, they must be a family member.
Responsibilities and Powers of Conservatorship in Colorado
A conservator will have specific fiduciary responsibilities and powers outlined in the conservatorship orders. They may also be eligible to receive reasonable compensation for expenses incurred while performing these duties.
Some responsibilities and powers of conservatorship may include:
- Furnishing of a bond to protect the designee's assets
- Filing a financial plan with the court
- Creating annual reports
- Exercising rights available under the designee's retirement plans, annuities and insurance policies
- Paying taxes or assessments garnered on the estate
- Continuing the operation of the designee's business.
- Managing of investments
Types of Conservatorship
There are two types of conservatorship in Colorado: limited and unlimited. State law favors appointments of limited conservatorships. Limited means the conservator is only granted powers and responsibilities in specific, court-appointed areas. If a petitioner requests unlimited conservatorship, they must prove why such a broad designation is necessary.
Get Help from Our Experienced Boulder Estate Planning Lawyer
At Flatiron Legal Advisors, LLC, we know you have your loved one's best interests at heart. We appreciate and are sympathetic to the concerns you may have about your family member's financial security.
If you would like information about filing a petition for conservatorship, contact us or fill out our free initial case evaluation form today!