As a resident of New York who is watching your parents age, you may have firsthand knowledge of just how difficult it can be to do so. Watching your parents grow older can prove even more difficult when one of them starts suffering physical or mental hardships, as some conditions can make it increasingly tough for your parents to make sound decisions and otherwise care for themselves. At the law office of Joseph A. Ledwidge, P.C., we are familiar with the types of circumstances that may lead you to consider a guardianship or conservatorship over an aging parent or other loved one. We have helped many clients facing similar situations find long-term solutions that meet their needs.
According to the Motley Fool, guardianships and conservatorships are similar to each other in that they both involve giving someone decision-making power over someone else who is unable to manage their own affairs. There are, however, some key distinctions between the two, and understanding how they differ may help you determine whether a guardianship or conservatorship may better suit you and your family’s unique needs.
The short answer to what differentiates guardianships from conservatorships is that guardianships give someone power over another with regard to personal and health care-related affairs, while conservatorships grant someone power over someone else’s financial affairs. For example, a guardianship typically gives you the power to make decisions regarding medical decisions, living arrangements and so on for someone a court considers to be incompetent or incapacitated.
A conservatorship, meanwhile, allows you to handle the bank accounts, debts and related financial affairs of someone who is incompetent or incapacitated. You can find more on this topic by visiting our webpage.