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Someone you love is in a position where he or she cannot handle their finances. What do you do? Turning to the legal system may be your solution.
Court supervised handling of another person's funds, called a conservatorship, is the basic scenario we are talking about. The conservatorship may be your only option if the protected person has never executed a Durable Power of Attorney (appointing another, while they were competent, to handle finances) or a revocable trust (wherein the trustee will manage the funds within the trust to pay bills, etc).
Your first move is to contact an attorney who specializes in this area extensively. We work with a number of attorneys and would be happy to help you with your selection. Second, you need to appoint someone as the conservator; either a trusted friend willing to accept this monumental task, or a corporate fiduciary, like Fremont National Bank & Trust Company, who handles these types of accounts on a daily basis.
There is a great deal more to decide when a Conservatorship becomes the only option. Contact Us for a no charge, no obligation meeting to discuss whether someone you love is in need of protection through the courts.
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