The California Conservatorship for Individuals with Dementia

Seniors with dementia face numerous difficulties when it comes to meeting their basic needs. Family members or relatives are expected to help them meet their needs and take decisions on their behalf. But when no help is available or family members are unable to provide care, getting a conservatorship for someone with dementia is the best course of action.

Conservatorship in California involves a professional known as a conservator with legal rights to make decisions for another adult. Consider it a parent-child relationship where a conservator makes important decisions for someone incapable of making decisions on their own. For someone with dementia, a conservator makes decisions related to their living, medical conditions, and other areas of life. For instance, they can authorize medical treatment for someone with dementia, move them to assisted living for better care, and also manage their finances.

Ideally, a person with early signs of dementia can create a plan while they are competent. The plan can include long-term strategies for their finances or select someone to act as a conservator, which gives the chosen person similar authority as a legal conservator without going through the formal court conservatorship. However, if they don’t create a plan, one of the assisted living advices is to file a conservatorship in California court.

If you need help with filing a conservatorship for someone with dementia, it’s always best to get professional assistance.

Achieve Peace of Mind with a Professional Fiduciary to Handle all Your Financial Affairs

When it comes to handling financial matters, nobody likes to give up control so easily. People want to be double sure before turning over the reins to someone who knows exactly what to expect. Considering the rise in the number of mismanaged financial affairs, this should not be surprising as well. The problem is—there are times when individuals, such as people in property management are not capable of handling their financial affairs and looking for someone who is not only reliable but capable of handling their responsibility. This is where the role of a professional fiduciary is crucial.

What is a Fiduciary?

A fiduciary is a trustee—a person or a legal entity—that is hired by an individual to act in their best interests. Obligations extend beyond just managing the financial affairs, the fiduciary continually monitors the person’s investments and financial situation, and adheres to best practices of conduct for the duration of the relationship. Fiduciaries also manage the care, the safety, and the general well-being of the person for who they are responsible.

Someone who is incapable of handling their own affairs, they usually require a competent and ethical fiduciary. For example, people in property management who are no more capable of handling their own financial affairs and also don't have any close friends or family members willing to do the same, hiring a professional fiduciary can be of great help and offer peace of mind.

Difference between a Fiduciary and a Financial Advisor

A fiduciary and a financial advisor acting under a suitability standard function differently. The main difference between the two is the decision-making process. Before making a recommendation, fiduciaries usually undergo a prudent process meant to determine their client's best interest. After making a recommendation, fiduciaries discuss it thoroughly with their client to ensure there's no room left for misunderstanding. Financial advisors are not required to have such long and thorough discussions. Once the trade is placed, their duty ends. Financial advisors aren't obligated to monitor their client’s accounts or financial situations on an ongoing basis.

The Need Of Hiring a Professional Fiduciary

Though family members, friends or CPAs can also be asked to take on the task of handling personal and financial affairs, it's often a better idea to hire an independent third party that has the experience and expertise in it— a professional fiduciary! Hiring a professional in the area allows you to protect yourself from financial abuse and also avoid conflict between your loved ones.