Life Choices

FINANCIAL CONSIDERATIONS

Life Choices: Page 18 of 36 pdf order

Financial considerations: Personal custodians, guardianships & conservatorship

Personal custodian

Another way to allow someone to take care of your personal business is to name a personal custodian. The Missouri personal custodian law gives you the means to transfer care of your personal property and real estate to another person. You still own the property, but the custodian manages it. The personal custodianship remains in effect if you become incapacitated. You will need to consult an attorney to set up a personal custodianship.

Guardianship and conservatorship

In some cases, the court names a personal guardian and conservator to take care of a person who cannot properly manage his or her finances, health and safety. A conservator manages financial resources, while a guardian takes care of personal needs such as medical treatment.

The guardian and conservator do not have personal financial responsibility for the person for whom they are caring. If you believe your loved one needs a conservator or guardian, you may need to pay court costs, hire a lawyer and post a bond. A court proceeding will determine whether the person needs a guardian or conservator.

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