Growing up, we expected our parents to have all the answers. We looked to them for authority and wisdom. That’s why, sometimes, it’s hard to accept their mental decline. It’s hard for them to take, as well.
Even though we are reluctant to do so, we may need to take charge of their affairs for their own protection.
What is a conservatorship?
A conservatorship is a legal arrangement where a court appoints an individual to manage the estate and finances of another person who cannot do so. In Virginia, there are three types of conservatorships:
1. Full
2. Limited
3. Temporary
It may be difficult to know when you should consider a conservatorship for your elderly parent, so recognizing some of the signs may help:
- They have Alzheimer’s or some other sort of dementia that makes them mentally incapable of handling their financial decisions
- There’s evidence of financial mismanagement or exploitation
- Other less restrictive options, such as power of attorney, supported decision making or representative payee, aren’t viable
If you decide to seek conservatorship, it’s essential to understand all aspects of the decision. Pros include:
- Having the legal authority to make necessary decisions on behalf of your elderly parent
- Safeguarding them from potential abuse, neglect or financial exploitation
- Ensuring your parent’s financial needs are being managed
However, there are some cons:
- The process of obtaining and maintaining a conservatorship is often lengthy and complex
- You will need to purchase a surety bond, which could be costly
- Your parent may feel a loss of autonomy and dignity at giving up control of a portion of their life
Choosing to seek conservatorship for an elderly parent is often an emotional and difficult decision. It’s important to seek out someone who understands the judicial process. They can help you determine the best course of action to ensure your parent’s well-being and protection.
