Torrance, CA Conservator of the Estate Lawyer

Trusted Conservator of the Estate Lawyer Assisting Families in Torrance, California

In situations where someone cannot manage their own finances because of a serious illness, a disability, or aging, they may encounter serious problems. Bills may go unpaid, or they may be at risk of exploitation or mismanagement. Fortunately, steps may be taken to establish conservatorship of the estate, which will give a responsible person the authority to manage financial matters on the person's behalf.

At the Law Offices of Russell M. Ozawa, we work with families in Torrance and the surrounding area, helping them establish conservatorship in situations where help is needed. Our attorney can help clients understand what type of conservatorship is appropriate, provide guidance on the legal procedures that must be followed, and make sure conservators will be able to carry out their duties correctly.

What Is a Conservatorship of the Estate?

In a conservatorship of the estate, the court will appoint a conservator to manage the financial affairs of an adult who is unable to handle these issues on their own. The conservator will serve in a fiduciary role, and they may be granted legal authority over the conservatee's income, assets, debts, and financial transactions.

A conservatorship of the estate is separate from a conservatorship of the person, which addresses decisions about health care, living arrangements, and other personal needs. In some cases, both types of conservatorship may be established for the same person when they need assistance in both areas. In other situations, a person may be able to make decisions about their own care and daily life, but they may be unable to fully manage their finances on their own, and only a conservatorship of the estate will be needed.

When a Conservatorship of the Estate May Be Needed

A conservatorship of the estate may be established when a person is unable to manage their own finances or to take steps to prevent fraud. Financial vulnerability can occur due to multiple types of conditions and circumstances, including:

Cognitive Decline or Dementia

As a person gets older, their ability to manage money, pay bills, make sound financial decisions, and protect against financial exploitation may deteriorate. A person who suffers from dementia or other conditions related to age may be unable to balance their bank account, recognize fraudulent schemes, or understand different types of financial transactions. In these situations, a conservatorship of the estate may be necessary to help ensure that financial matters will be handled correctly.

Serious Medical Events

A stroke, a traumatic brain injury, or other medical issues may lead to impairments that can affect a person's ability to handle financial matters. Family members may step in to manage bank accounts, pay bills, maintain insurance coverage, and handle other financial obligations during a loved one's recovery or long-term care, and a conservatorship of the estate can give them the legal authority to do so.

Developmental Disabilities

Adults with developmental disabilities may be able to handle many areas of their daily lives, but they may need support to ensure that financial matters will be managed correctly. A conservatorship of the estate can address the needs of a person with developmental disabilities, and a limited conservatorship can help ensure that they will be able to retain as much control over their life as possible.

The Duties and Authority of a Conservator of the Estate

A conservator of the estate will need to make sure that all decisions they make will protect the best interests of the conservatee. The conservator will be accountable to the court for how they exercise their authority. They may need to handle issues such as:

Managing Income and Assets

The conservator may be responsible for managing and protecting all of the conservatee's financial assets. They may be required to manage bank and investment accounts, collect income such as Social Security payments or pensions, maintain insurance coverage, and safeguard the conservatee's personal property. The conservator will need to keep the conservatee's assets separate from their own, and they can maintain detailed records of all financial transactions to ensure accountability.

Paying Bills and Debts

A conservator of the estate will have the authority and responsibility to pay the conservatee's ongoing expenses, including housing costs, medical bills, utilities, and other obligations. The conservator is required to prioritize the conservatee's needs and ensure that essential expenses are addressed.

Making Investment Decisions

A conservator of the estate may be granted the authority to invest the conservatee's assets. They will be required to use proper care when making investment choices, balancing potential risks against the conservatee's needs.

Managing Real Estate Property

When a conservatee owns real estate, the conservator may have the authority to manage that property, including collecting rent from tenants, maintaining the property, paying property taxes and insurance, and making decisions about repairs or improvements. In some circumstances, the conservator may take steps to sell real estate property, although they will most likely be required to receive court approval and demonstrate that the transaction will protect the conservatee's best interests.

Handling Legal and Business Matters

A conservator of the estate may have authority to handle legal matters on the conservatee's behalf, including pursuing or defending claims in court, entering into contracts, and managing business interests. Significant transactions that involve major assets or fall outside the ordinary course of doing business or managing the conservatee's finances may require court approval.

Applying for Government Benefits

The conservator may apply for benefits on the conservatee's behalf, including Social Security, Medicare, and Medi-Cal. Ensuring that the conservatee will receive all benefits they are entitled to can help them maintain their overall financial well-being.

Court Oversight and Accountability

A conservatorship of the estate will involve ongoing court supervision. The conservator will be required to file a formal accounting with the court on a regular basis, typically annually. The accounting must document all of the conservatee's assets, all income they received, all expenses that have been paid, and all changes in the value of the estate's assets during the period. This is meant to ensure transparency and help the court identify and address problems such as mismanagement, self-dealing, or errors.

If a conservator fails to fulfill their duties, mismanages the conservatee's assets, or takes actions that go against the conservatee's best interests, the court has the authority to remove them and appoint a replacement conservator. Family members who have concerns about a conservator's conduct may bring those concerns to the court's attention and seek to have a conservator replaced when necessary.

Limited Conservatorship of the Estate

In general, a conservator of the estate will only be granted the powers that are necessary to meet the conservatee's needs. A limited conservatorship can help ensure that the conservatee will have as much independence as possible. A limited conservator of the estate may be granted authority over specific financial matters, such as managing a bank account, applying for benefits, or entering into certain types of contracts, but the conservatee may have the right to make other financial decisions. A conservatorship can be customized to provide the maximum possible self-reliance and independence for the conservatee.

Contact Our Torrance, California Conservatorship of the Estate Attorney

If you are concerned about a loved one's ability to manage their financial affairs, the Law Offices of Russell M. Ozawa can provide guidance on establishing conservatorship of the estate. Our attorney can work with you to make sure the terms of a conservatorship will provide for your loved one's needs, and he can make sure you meet all legal requirements while acting as a conservator. Contact our Torrance conservator of the estate lawyer at 626-499-4500 to arrange a free consultation.