Resources

challenges
The Challenges of Being a Guardian or Conservator 1024 683 Patrick J. Thomas Agency

The Challenges of Being a Guardian or Conservator

Have you been approached about serving as a guardian or conservator for a family member or close friend? It can be a challenging role, but so long as you understand the process and what’s expected of you, it’s something that most people can handle. Understand Your Role and the Needs…

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abuse of protected person
Signs of Financial Exploitation in Protected Persons 1024 682 Patrick J. Thomas Agency

Signs of Financial Exploitation in Protected Persons

Conservators are needed if you suspect abuse from taking place. They are established to prevent the abuse and waste of a protected person’s assets.  If you are a family member or friend who has concerns, here’s what to look for to help protect your loved one from abuse: Misappropriation of…

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difference guardian conservator
The Difference Between General and Emergency/Temporary Conservators 1024 767 Patrick J. Thomas Agency

The Difference Between General and Emergency/Temporary Conservators

In most cases involving conservatorship, the courts will appoint a person or organization to manage the financial assets of a protected person. This is the most basic explanation of the primary duty of conservators, but their power and authority can vary based on the state as well as the court…

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courts
How are Conservators and Guardians Appointed? 1024 768 Patrick J. Thomas Agency

How are Conservators and Guardians Appointed?

The process of appointing a person or professional company for a conservatorship or guardianship can differ from state to state, but there is a general process that applies to most courts across the country. While it’s best consult with an attorney before going through the process, it’s good to know…

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accounting audit
How to Work Through a Conservatorship Audit 1024 681 Patrick J. Thomas Agency

How to Work Through a Conservatorship Audit

While conservatorship accountings occur on an annual basis in most states, not every conservator will be subject to a more extensive audit. If you are a conservator and have received notice that your account is being audited, there is no reason to panic. Just because you are being audited does…

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money in a trust
The Challenges of Acting as a Fiduciary for a Trust 1024 685 Patrick J. Thomas Agency

The Challenges of Acting as a Fiduciary for a Trust

One of the most important things a person can do when acting as a fiduciary for a trust is understand what’s involved in the role. It’s more than signing a few pieces of paper, and there are actually many challenges to overcome when taking the position. It’s not an impossible…

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thoughts
5 Things to Consider Before Selecting a Guardian or Conservator 1024 711 Patrick J. Thomas Agency

5 Things to Consider Before Selecting a Guardian or Conservator

When a vulnerable person is unable to manage their estate and/or make certain decisions regarding their care, it becomes necessary for the court to appoint a conservator or guardian. The basic difference between conservatorship and guardianship is in the powers they are granted by the court: conservators manage the assets…

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bookkeeping conservators
Best Accounting Practices for Conservators 1024 659 Patrick J. Thomas Agency

Best Accounting Practices for Conservators

As an appointed conservator, you have a fiduciary responsibility to conserve and manage the estate of a protected person. This duty includes taking charge of the financial assets and day-to-day spending. Because of these responsibilities, it is imperative for conservators to have a rudimentary understanding of basic money management and…

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scale showing difference
The Difference Between Conservatorship and Guardianship 1024 569 Patrick J. Thomas Agency

The Difference Between Conservatorship and Guardianship

The fundamental difference between guardians and conservators is in the power they are given. Both protect a vulnerable person, but conservators and guardians have very different roles when it comes to managing the finances and day-to-day decisions regarding a vulnerable person. Remember that each state has different rules, guidelines, etc…

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three questions about trusts
The 3 Things Every Trustee Should Know 878 552 Patrick J. Thomas Agency

The 3 Things Every Trustee Should Know

Trustees manage the distribution of a trust’s assets to certain beneficiaries. Since this responsibility comes with a substantial amount of financial management, certain accounting practices become necessary to effectively manage the distribution. If you have recently become, or will become, a trustee, follow these best practices when executing your grantor’s…

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