The Cost of Conservatorship
Conservatorship is a legal arrangement in which a court appoints a person or organization (the “conservator”) to manage the financial affairs and personal care of an individual who is unable to do so themselves. This can be due to a variety of reasons, such as mental illness, dementia, or physical disability.
The cost of conservatorship can vary widely depending on a number of factors, including the complexity of the case, the location of the conservatorship, and the fees charged by the conservator. However, according to the American Bar Association, the average cost of conservatorship is between $5,000 and $10,000 per year.
Who Pays for Conservatorship?
The person who pays for conservatorship is typically the individual who is the subject of the conservatorship. However, if the individual is unable to pay, the court may order that the costs of conservatorship be paid from the individual’s assets. In some cases, the court may also order that the costs of conservatorship be paid by a third party, such as a family member or friend.
The Financial Impact of Conservatorship
Conservatorship can have a significant financial impact on the individual who is the subject of the conservatorship. The costs of conservatorship can include:
- Fees for the conservator
- Court costs
- Legal fees
- Accounting fees
- Medical expenses
- Housing costs
- Food costs
- Transportation costs
These costs can quickly add up, and they can place a significant burden on the individual’s finances.
Tips for Reducing the Cost of Conservatorship
There are a number of things that can be done to reduce the cost of conservatorship, such as:
- Choosing a conservator who charges reasonable fees
- Negotiating the fees charged by the conservator
- Getting a court order that limits the fees that can be charged
- Using a non-profit organization to provide conservatorship services
- Asking family or friends to help with the costs of conservatorship
Common Mistakes to Avoid
There are a number of common mistakes that can be made when it comes to paying for conservatorship, such as:
- Assuming that the individual who is the subject of the conservatorship will be able to pay the costs of conservatorship
- Not getting a clear understanding of the fees that will be charged by the conservator
- Not negotiating the fees charged by the conservator
- Not getting a court order that limits the fees that can be charged
- Using a for-profit organization to provide conservatorship services
- Relying on family or friends to help with the costs of conservatorship without getting a clear agreement in writing
Conclusion
The cost of conservatorship can vary widely, but it is important to be aware of the potential costs before entering into a conservatorship arrangement. There are a number of things that can be done to reduce the cost of conservatorship, but it is important to get professional advice before making any decisions.
Additional Resources
- American Bar Association: Conservatorship
- National Council on Aging: Conservatorship
- Social Security Administration: Conservatorship