In Colorado, conservatorship and guardianship are legal arrangements that provide another — the conservator or guardian — with the authority to make decisions on another individual’s behalf. These arrangements are particularly important in scenarios where individuals cannot manage their affairs. Three common examples of times a conservatorship or guardianship can help to better ensure the well-being and proper management of personal and financial matters for loved ones include the following.
1. Age-related incapacity
As individuals age, they may experience conditions like dementia or severe physical illness that impair their ability to make informed decisions. This can make managing finances, healthcare, and living arrangements challenging.
A conservator or guardian can provide the means to help meet the individual’s needs as well as manage their assets, mitigating the risk of a negative impact on the loved one’s estate or physical health.
2. Disabilities requiring long-term care
Individuals with severe disabilities might be unable to fully look after themselves or manage their affairs. This could be due to developmental conditions present from birth or issues arising from severe injuries.
Guardianship or conservatorship allows for continuous care and management of the individual’s needs and finances.
3. Families with minor children
Few conversations are more difficult than determining who would care for your children in the event both parents were to pass. However, those who fail to have this conversation leave the decision up to someone else. Those who name a guardian may be able to find some comfort in the fact that they are in charge, they are choosing who will take on that role in the event they cannot.
This will help to ensure that the child’s daily needs and future are securely managed.
Setting up conservatorship or guardianship in Colorado is a protective measure to aid those who cannot care for themselves or manage their finances safely. Whether due to age, disability, or the absence of parents, these legal tools help the affected individuals receive the care and management they need.