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When a loved one is incapacitated and can no longer manage their finances on their own, a conservatorship can help. Here’s your guide to establishing conservatorships in South Carolina.
In a conservatorship, the South Carolina courts appoint an individual to manage the finances of an incapacitated person. While conservatorships are common with declining mental faculties in old age, they can exist for younger individuals, for instance, those who have mental health issues or may be a special needs individual.
Once appointed, the conservator takes care of all assets and liabilities, by managing income, paying bills, and taking measures to protect the finances of the incapacitated adult.
If you’re worried that a loved one could be defrauded, could overdraw their account, or otherwise mismanage money, it may be time for a conservatorship. To initiate the conservatorship process, a claim must be filed in probate court that states that the individual can no longer manage their finances due to incapacitation.
In South Carolina, courts prioritize anyone who previously served as a guardian, conservator, or power of attorney for the individual. Spouses get next priority, followed by other family members. If there are no family members, the court will appoint another individual to act as conservator.
South Carolina law mandates that the individual who is receiving a conservator have their lawyer, who can make sure their interests are protected throughout. We can work with individuals while a conservator is appointed, protecting their financial interests, or help you get a conservator appointed for a loved one who needs it.
At Pozsik & Carpenter, we offer guardianship and conservatorship services throughout greater Lexington and Columbia. To talk with us about your needs and develop a plan that protects your loved one and ensures their highest good, schedule a consultation. call 803-764-1105 today.
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