Wrongful Death Lawyer
When you are planning your estate, you may have questions regarding how to leave certain assets to people who may be unable to care for them. For example, if you have minor children and you want to leave property to them, you cannot expect the minor child to be able to take care of this property yet. When this is the case, you would announce who your conservator is in your estate plan so that someone can manage the property for them until they are old enough (or for a longer term). On the other hand, if a grandparent or someone else chooses to leave property to their grandchild who is still a minor but does not name a conservator, it is likely that a judge may nominate a parent as a conservator. If you have any further questions about appointing a conservator or estate planning, please contact a law firm now.
What can a conservator do?
Lawyers get this question from clients often because leaving property to minor children or to people who may not be able to fully care for the property happens all the time. There are a few things you can expect a conservator to do.
- Paying For a Minor’s Needs. If a minor’s parents pass away, one of the roles of a conservator can be to help pay for the child’s needs. For example, if the parents leave money for the child, this money could go directly to funding the child’s education or taking care of any medical or hospital bills the child may have. Other uses for the money can go to things like clothes, food, and other general needs. If there is no cash for these purposes, the conservator can make the choice to liquidate certain assets and use the cash for these needs.
- Investing and Paying Taxes. When a minor is left with a large amount of money, the conservator will be responsible for ensuring the financial aspects are taken care of. They may be required to invest the money, pay taxes, or even hire a financial adviser to ensure the money is saved and used wisely.
- Working With Guardians. While it is entirely possible that a child’s guardian could also be their conservator, many times a conservator will simply be working very closely with a child’s guardian. This is a good relationship to have because the child will be living with the guardian and the conservator will be handling the financial aspect of a child’s life.
While not exhaustive, the list above includes some of the important duties you can expect a conservator to take hold of when they are listed in a person’s estate planning document. For more information on a conservator’s duties and how an estate planning lawyer in Arlington, TX can help you with your estate planning, give a law firm a call.
Thanks to Brandy Austin Law Firm, PLLC for their insight into estate planning and conservatorship.