A court-appointed conservator manages the financial affairs of a person who has become incapacitated due to any reason. The conservator supervises the financial matters on behalf of the conservatee who has suffered a debilitating injury, or disease such as dementia or Alzheimer’s.
Not many people are aware of what conservatorship is and how it affects their estate. Understanding the conservatorship process is important to make the right decisions regarding estate planning. Here, we will explain the process of creating a conservatorship in Illinois and will discuss about its pros and cons.
How is a Conservatorship Created?
In Illinois, a conservatorship is created to manage financial affairs of a minor or an incapacitated adult. The level of responsibility assigned to the conservator differs depending on the condition of the conservatee.
Appointment of a conservator is made after court hearings. The court looks at the medical records and other matters to decide whether it’s in the best interest to appoint a conservator for managing a person’s affairs. The court also evaluates the conservator’s capabilities in handling the affairs of the conservatee.
The nominated conservator is monitored by the court and has to file annual reports regarding financial transactions. A court may change the appointed conservator in case the conservatee’s best interests are not taken into account when making financial decisions.
The Benefits and Drawbacks of Creating a Conservatorship in Illinois
The main benefit of conservatorship is that the court supervises the appointed conservator. The control is exercised throughout the conservatorship process. The continuous monitoring ensures that the conservator takes the actions that benefit the minor or the debilitated adult.
Also, important financial decisions are made only with the approval of the court. In a way, the court becomes the guardian of the person. This minimizes the chances of mismanagement of the conservatee funds.
However, a drawback with the court-appointed conservator is that court supervision results in increased cost. The court remains involved throughout the conservatorship process. The costs in some cases are significant.
Another drawback of conservatorship is that all the financial transactions become public. Moreover, the conservatee autonomy in making financial decisions is stripped upon the creating a conservatorship. The conservatee or the close family members will have no say in how and where the funds are invested.
Consider Hiring an Experienced Conservatorship Attorney
Contacting an experienced conservatorship attorney is important to better understand your options. The attorney will help you in making the best decision regarding estate planning. You will know about the alternative plans that can better serve the purpose in protecting your estate.
To set up an initial free consultation with a conservatorship attorney, you should visit our contact page and fill out an intake sheet. A member of our network of experienced estate attorneys will respond within 30 minutes and help answer your questions and provide guidance on your legal matter.