"Is it true that conservators spend whatever they want with no oversight?"
"Well conservatorships and guardianships are permanent, right?"
"Every county in the state of Alabama has a designated conservator and guardian."
So is all of this about conservatorships and guardianships true? Nope, they are indeed myths! For the past couple of weeks, we have discussed many of the basics of a conservatorship and how it can help a loved one in need. But how exactly does a conservator handle an individual's finances? And how can you find a trustworthy conservator for your needs? In this blog, we want to dispel some of the myths about conservatorship and tips on how to find the right conservator.
Conservatorship Oversight
One of the most common myths about conservatorships is that a conservator can spend whatever they want with no oversight. We at are here to tell you that that statement couldn't be further from the truth! A conservator's role is to manage a legally incapacitated individual's money, property, and other assets. This can include helping a loved one budget, paying bills and taxes, helping with home repairs, depositing funds, and collecting debts. As a matter of fact, in the state of Alabama, a conservator is legally required to periodically update the court and family on all financial transactions. With this in mind, Lifecare Wellness leverages software that is typically used by law firms and estate planners. This software can provide a full and accurate reconciliation at the push of a button. Whether it’s a conservatorship or guardianship, families can breathe easy knowing that their loved one's physical and financial freedoms are being protected.
Duration of Conservatorships & Guardianships
The duration of conservatorships and guardianships are determined by the court, based on the individual’s condition, needs, prognosis, and other factors. If their condition improves, the court can be petitioned to vacate the judgement of incapacity.
Predesignated Conservators and Guardians
As mentioned at the open of this blog, one of the most common misconceptions is that one is appointed by the county you reside in. That couldn't be further from the truth! In fact, a conservator is a person appointed by the court to manage the personal and financial affairs of an individual. But knowing who to recommend to the court in your petition is important. With this in mind, you can know that your loved one is in good hands!
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