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Soooo… What’s a Conservatorship?
A conservatorship is a legal arrangement in which one person or organization is appointed to manage the financial affairs and/or daily life of another person. The conserved person must be incapable of caring for himself or his property. In Connecticut, the Probate Court has the authority to name a conservator. This article explores the type of conservatorships available in Connecticut, as well as the responsibilities of a conservator toward the conserved person.
Types of Conservatorships
There are two forms of conservatorships in Connecticut. While a conservator of the estate manages the property of a conserved person,...
Guardianships and conservatorships are methods of administering the affairs of “protected persons.” A protected person is someone judged by the Probate Court to be unable to manage his property or needs. The Probate Court has jurisdiction over both conservatorships and guardianships. It has the right to determine the title, right to use, and right to possess any real property or personal property belonging to a minor in a guardianship or an adult in a conservatorship.
Guardianships and conservatorships are similar in many ways, and laymen often use the terms “guardian” and “conservator” interchangeably; however, there are some important differences. In Connecticut, a guardian...
It’s the fundamental question that arises in estate and legacy planning. Should I have a will or revocable living trust? The answer to this question is crucial to estate planning. Its answer informs the very building block of a workable plan. Your goals—whether asset protection, Medicaid planning, business continuity, spousal protection, etc.—cannot be addressed until you have reached a decision on your plan’s “anchor instrument.” Every estate plan is anchored by a core document from which other components of the plan proceed. This instrument is either a will or a revocable living trust. This article explores the pros and cons of each type of plan.
Many people...
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Estate Property: Probate or Non-Probate?
An estate plan is not a stack of documents. At its heart, estate planning involves arranging one’s property and affairs for use during life and disposition after death. A person’s “gross estate” generally includes two types of property: probate and non-probate. This article provides a brief overview of these two approaches to property distribution after death.
Probate property refers to assets that must pass through the Probate Court system before being distributed to heirs. A probate case begins when a person (usually a potential heir of the deceased) asks the Court to open a proceeding for the administration of a decedent’s estate. The Court will...