Parents of children who have physical or mental disabilities may wonder, as their children approach adulthood, whether their children will be able to successfully manage their own finances. Deciding to pursue a conservatorship for an adult child is never an easy choice, because parents must balance their desire to protect their children from the effects of managing their finances poorly with supporting their children in utilizing whatever financial skills they have.
When a person turns eighteen, they are presumed to be capable of making personal and financial decisions for themselves. This can be a frightening thought for any parent, as some young adults are not adept at managing their finances in a responsible manner. Since physical and mental disabilities come in many forms which affect people in a variety of different ways, it is entirely possible that your disabled child is absolutely capable of managing his or her own financial affairs. On the other hand, it is possible that your child may not have any ability to manage his or her finances. Most likely, though, your child’s money management and decision making skills fall somewhere in the middle – neither completely capable of managing his or her own finances nor fully incapable of learning and using financial management skills.
As parents, you know your child best. You have been able to watch your child grow and change over the years, and you understand better than anyone which areas of their life are most affected by their disability. You are aware of the extent to which they can communicate their wants and needs to others. You know whether they have a desire to be self-sufficient, and to what degree. In addition to this knowledge, you also know a lot about their financial situation, such as whether they have a job, whether they own any assets or stand to inherit any in the future, and whether they need any assistance with the activities of daily life. All of these things will impact your decision of whether or not to pursue a conservatorship for your adult child.
Parents who are considering appointing a conservator for their adult children should be aware that conservatorships are fairly complex and expensive, and they require the ongoing involvement and assistance of a family law attorney. That said, there is a great deal of court oversight of conservatorships, so parents can rest assured that their child’s conservator will be held responsible for the decisions that they make in their role as conservator. Conservators must keep detailed records of financial activity, and they must file documents with the court on a regular basis. Some major financial decisions, such as the purchase or sale of real estate, may even require additional court proceedings before the conservator may go ahead with them.
The process of appointing a conservator for your adult child can be complicated. However, the peace of mind that comes with knowing that your child’s financial affairs will be managed properly is well worth the effort. Your Kansas Family Law Attorney can help you to determine whether appointing a conservator is appropriate for your situation, and they can also help you understand each step in the conservatorship process. Kansas Family Law Attorney Thomas McDowell has helped Kansas families to pursue conservatorships for their adult children, and he would welcome the opportunity to help you. Please call (316) 269-0746 today, to schedule an initial consultation.
