Minor Conservatorships
It is important to consider how to protect, provide for, and ensure the well-being of your child in the event you are no longer able to personally care for them due to incapacitation or death. Life can be full of unexpected twists and turns, which is why estate planning is crucial for wealth preservation and peace of mind. The Estate Preservation Law Firm of Rock Hill SC can work with you to find a path to lifelong protection for your family and your assets. Our team will help you explore your options in order to make essential decisions regarding the management and distribution of your estate within your lifetime and upon your passing.
What Is A Conservator?
Many parents have an appointed guardian for their children in the event of their absence, incapacitation, or death. This may be an adult family member or close family friend who is trusted to take care of the day-to-day physical and emotional needs of the child. However, a separate individual may be appointed as a conservator to hold and manage the assets inherited by a minor until they reach the age of majority. While the same individual can be named as both the guardian and conservator for a child, appointing different individuals to each role can help to provide a system of checks and balances to ensure the best interests of the child are protected.
What Are The Duties Of A Conservator?
The conservator is responsible for managing any financial assets belonging to the minor, who is referred to as their ward. This can include investing the assets, paying taxes and bills, and providing funds for education, healthcare, or other expenses on behalf the ward. By law, the conservator must act in the best interests of their ward and account for all expenditures. They cannot use the assets for personal gain.
Why Should I Appoint A Conservator?
Appointing a trusted individual as a conservator for your minor child can help to ensure the assets they inherit will be protected and properly managed until they reach the age of majority. In some cases, the individual you name as a guardian for your child may not have the financial knowledge, money management skills, or organization required to oversee your child’s inheritance on their behalf. It may be preferrable to entrust the assets to a secondary individual, such as legal professional, to manage to ensure the assets will not be misappropriated or spent wastefully.
Experienced Estate Planning Professionals
The Estate Preservation law firm has helped numerous clients find a path to lifelong protection and peace of mind through comprehensive estate planning. Our team of attorneys will assist you in exploring your options and finding a solution that will protect your wealth, as well as ensure your loved ones are provided for even in the face of an unexpected event. Give us a call today to arrange for a consultation with one of our experienced estate planning attorneys, and we will be more than happy to help you get started with the process.