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What Is a Conservatorship? August 15, 2019

Bronx, New York City, NY
What Is a Conservatorship?, Bronx, New York

If you work in a hazardous environment, such as a factory or construction site, you’ll deal with the risk of personal injury every day. However, you can take comfort in the fact that there are laws in place to protect your dependents should you become incapacitated. For example, establishing a conservatorship will let you ensure your financial matters are taken care of. Learn more about what a conservatorship is in the guide below.

A Brief Introduction to Conservatorship

What Is a Conservatorship?

A conservatorship creates a legal document that gives another adult control over your financial affairs. As your conservator or guardian, the court will grant them the authority to handle your estate. This agreement is usually established when the individual is incapacitated and can no longer make financial decisions for themselves.

Who Needs One?

personal-injuryIf an individual suffers a fall from scaffolding on a construction site, they may fall into a coma. While unconscious, they’ll need to rely on a friend or loved one to take care of their bills and debts, and distribute funds to their dependents. Even if they’re conscious, the fall could have also left them with an ongoing condition that prevents them from making financial decision. 

In addition to extreme personal injury cases, conservatorships are also used for patients in cognitive decline, such as those with Alzheimer’s disease or amnesia. However, if the individual has already established a durable power of attorney through the state planning process, they won’t need to assign a conservator.

When Does It End?

A conservatorship will continue until the court that established the agreement agrees to end the conservator’s responsibilities. In most cases, this occurs when the injured individual passes away, or when there is no more money left over in their estate. However, a conservatorship may also cease if the individual recovers and can once again make their own financial decisions. The agreement may also be passed on to another conservator if the original conservator is unable or willing to fulfill the role. 

 

 

If you’d like to learn more about establishing a conservatorship after a personal injury, get in touch with Stephen B. Kaufman, P.C. Based in the Bronx, NY, this personal injury lawyer has over four decades of experience serving local clients. Call him at (718) 822-0500 to schedule a consultation or visit his website for more information on his practice areas.

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