For adult children, watching the decline of their aging parents can be very difficult. No one wants to offend their parents by assuming they can’t manage their own affairs. However, if family members don’t provide support, older parents could end up in a very difficult position.
Those dealing with severe medical challenges or cognitive decline may struggle to balance their budgets and meet all of their needs. Their actions or failure to take appropriate action could put them at risk of losing their homes, facing litigation and being unable to afford basic cost of living expenses.
In some cases, adult children who worry about their parents may recognize that they need to take legal action to address an increasingly worrisome situation. Family members may want to seek a conservatorship as a means of protecting their aging parents.
What is a conservatorship?
A conservatorship is a legal arrangement in which the courts appoint a competent adult to manage the assets and financial obligations of another adult. Issues with cognitive decline or incapacitation can render people incapable of properly addressing their financial responsibilities and managing their resources.
Provided that adult children have documentation supporting their claims of a parent’s decline, they can potentially convince the courts to appoint them as conservators. They then have a fiduciary duty to manage resources in a way that ensures the financial stability of their parents throughout their golden years.
How do conservatorships help?
Adult children may worry about offending or upsetting their parents by requesting a conservatorship. The alternative is to leave them vulnerable and exposed to the misconduct of others.
Older adults are particularly vulnerable to various forms of financial fraud, including scammers who target those reliant on Social Security or Medicare. Even family members and neighbors might try to take advantage of older adults struggling to live on their own.
A conservatorship provides a degree of separation that can protect older adults from financial abuse. Their adult children can pay their bills and make other important financial decisions that can protect their resources.
Those concerned about the decline of their parents may need help exploring whether seeking a conservatorship is an option. Reviewing medical and financial records with a skilled legal team could help people support their parents when they are particularly vulnerable.