When a conservator is appointed for the estate of someone who lacks capacity, the law allows the conservator of the estate to manage the money of the conservatee which sometimes can pose a risk to the conservatorship and the ultimate inheritance of the beneficiaries of the incompetent person.
Types of Risks in Conservatorships Law that translate to inheritance risk by law:
- Risk of negligence with respect to investments.
- Risk of mismanagement of assets.
- Risk of overspending on conservatorship administration expenses.
- Risk of financial elder abuse by persons other than the conservator.
What are the stop-gap measures to safeguard the assets in the conservatorship?
- A bond, which protects the estate from the actions of the conservator of the estate.
- Liability insurance insuring the conservatorship estate.
- Periodic review of accountings.
- Objections to a conservatorship inventory filed by the conservator if an asset is missing from the list.
Do family members have a right to object to the fees of the conservator and his attorney?
1. Generally, yes. However, in Los Angeles, the court appoints a PVP attorney to review those fees and report to the court.
Free evaluations and consultations are available at Sirkin Law Group regarding conservatorship administration expenses and risks, and their impact under the law on your inheritance. Call Mina Sirkin, experienced conservatorship lawyer at 818-340-4479 to discuss how to protect your inheritance, if your family member is conserved.
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