Choosing the Right Conservator for Your Assets

A conservator manages and makes decisions on your behalf when you are incapacitated. They assume the responsibility of managing your estate. Therefore, a conservator is legally authorized to make financial decisions regarding your assets.

What to Consider When Choosing a Conservator

Selecting the right conservator for your assets is critical, and you may need the help of an estate planning lawyer to succeed. When you enter into a conservatorship agreement, it means you have bestowed the management of your assets to another person. As such, you need to be careful when selecting a conservator for your estate plan. Here is what you should consider when choosing the right conservator for your assets.

1. Pick a Trustworthy Person

When choosing a conservator, consider selecting a person who is trustworthy. Consider the fact that the conservator you choose will have the authority to make decisions and manage all your assets. They will also have full control over your finances and will make crucial financial decisions on your behalf.

For instance, a conservator is legally allowed to sell property on your behalf. Given this, you should pick an individual you are confident will have your best interests when acting on your behalf. However, if you appoint an untrustworthy person as a conservator, they can misuse the power and swindle your money or assets. Therefore, when selecting a conservator for your assets, consider an individual whom you have unshakeable trust in.

2. Select an Individual Who Is Committed

A conservatorship agreement between you and the person you appoint can stay active for several years and, in some cases, for decades. Throughout the period, the conservator will need to set aside a significant amount of time daily to manage your assets. A conservator also has their affairs to attend to, and this implies managing two estates concurrently. The task is not only cumbersome but also emotionally demanding.

Also, even if a conservator has authority over your assets, it doesn’t imply that they can make and execute decisions immediately. Instead, the conservator is required to adhere to legal procedures, write reports, and regularly report to a judge in a court. Therefore, you should select a conservator who you are sure will display an unwavering commitment to you and the management of your assets.

3. Choose an Individual With Financial Management Skill

A conservator or guardian manages all the financial aspects of your assets, and in some cases, they may face difficult financial decisions. Managing someone else’s estate successfully can be demanding. Sometimes, a conservator has to make radical financial decisions. For instance, when deciding to sell some assets like real estate property, your conservator needs to weigh all financial repercussions of such a decision. Without proper financial management skills, a conservator can easily throw your estate into financial problems. Markedly, this may lead to serious repercussions in your life. Consequently, selecting an individual with excellent financial management skills and who makes informed financial decisions is essential for proper management of your assets.

4. Select Between Personal and Professional Conservatorship

You may assume that personal friends or relatives are the right people to take up the role of a conservator for your assets. However, there are different alternatives available to you. For instance, you can find help from professionals who offer conservatorship services and are legally authorized to operate. If you decide to appoint a professional conservator, you should seek guidance from an estate planning lawyer to finalize the legal aspects.

You should ensure that you have all the facts about the professional conservator before sealing the deal. For instance, ensure you know how much the professional conservator charges for the services they offer. You should also find out about the services of the conservator by reading online reviews of other people who have received services from the professional. Reading customer reviews can help you distinguish between experienced and inexperienced professional conservators. Ultimately, understanding these facts can help you choose the right conservator for your assets and evade the possibility of getting defrauded by illegitimate conservators.

If you are thinking about choosing a conservator or seeking any other high-end estate planning services, feel free to reach out to us. We have the experience and will assist you in deciding on the most appropriate course of action depending on your intentions and the conditions of your estate. At The Knee Law Firm, we have mastered conservatorship laws in New Jersey, and we guarantee you quality services. Ultimately, through our guidance, you can successfully choose the right conservator for your assets. Feel free to contact us through our live chat or call our New Jersey office at (201) 996-1200 to schedule an appointment.