A conservator holds a position of implicit trust. They receive authority granted by the courts to manage the financial assets that belong to another person and help fulfill their financial responsibilities.
Conservatorship usually involves the vulnerable person who cannot advocate on their own behalf due to a lack of capacity, so there is a legal fiduciary duty imposed on the conservator. They must act in the best interests of the person who requires their support rather than seeking to act for their own benefit. There are a few essential requirements imposed on those who may need to intervene for the financial protection of a struggling loved one.
Conservators must be at least 21
Those who are particularly young have not finished maturing mentally. In fact, the development of their brain is not yet complete even though their physical bodies may have largely finished growing.
Therefore, an 18 or 19-year-old is likely not the best candidate to manage the finances of a vulnerable person due to the struggles they may have considering the long-term consequences of their actions and controlling their impulses.
Typically, the courts only consider people to serve as conservatories once they have reached 21 years of age. A prospective conservator could have a personal or professional relationship with the vulnerable adult. They do not need to reside in the state, although living nearby may make it easier to fulfill the necessary duties of a conservatorship.
Conservators should have stable circumstances
People in difficult personal positions may have a hard time fulfilling their fiduciary duty to a vulnerable adult. Therefore, the courts look at an individual’s circumstances when deciding whether or not they could reasonably act as a conservator. A review of an individual’s criminal record and any pending criminal charges, as well as the examination of their credit report, is standard procedure in scenarios where people request conservatorships.
Those experiencing financial hardship or struggling with high levels of debt and those facing criminal charges may not be eligible to serve as a conservator because of the challenges they face. People who may not meet the criteria to serve as a conservator themselves can take legal action and propose an alternate party to assume financial authority over a vulnerable individual.
Discussing the reason behind seeking a conservatorship – and the circumstances of individuals who might take on the role of conservator – with a skilled legal team can help families take action for the protection of a loved one who can no longer handle their financial responsibilities.