Setting up a conservatorship or guardianship comes with a few costs, most of which people don’t really expect when they begin thinking about appointing someone to the position. If you are thinking about appointing a guardian or conservator for a protected person, these are a few of the costs you can expect to incur.
Court Costs
In most states, the court must approve of a guardian or conservator before they are allowed to be appointed to their respective positions. Because these are court-supervised roles, it’s necessary to fill out the required paperwork and set up a date to appear in court. This paperwork, in most states, does come with some filing fees that will have to be paid.
Attorney’s Fees
Navigating the legal process can be confusing, but an attorney can usually help you go through the process without too much trouble.
Attorneys typically have a retainer that they will collect before they begin work on your case, and additional attorney’s fees may apply if they help you organize the conservatorship or guardianship or if they appear in court with you. An attorney can also help you sell real estate and manage some other tasks that come along with the position. Depending on the circumstances, a conservatorship could pay some attorney fees.
Background Checks
Most states will require a person being considered for the role of guardian or conservator to obtain a background check. These have their own fees that will vary by state, but it’s an essential part of the process.
Conservator and Guardian Fees
In most states, guardians and conservator are allowed to collect fees based on the service that they provide. These fees are paid by the protected person or estate that they oversee.
Unanticipated Expenses
In life, emergencies happen, and there are always unexpected costs that may arise. That’s why it’s always best to, if possible, have some funds set aside for emergency situations. Sometimes, a person will become incapacitated and you may need to reach into your “emergency fund” to avoid foreclosure or the stoppage of utility bills at the protected person’s place of residence. If you can, make sure you budget for any unexpected expenses.
Surety Bond Costs
Most states require surety bonds to be obtained before the person is appointed to their position as a guardian or conservator. The cost of these bonds depends on the size of the estate, the surety supplying them, and many other factors. To learn more about getting a surety bond for your case, contact The Patrick J. Thomas Agency today.
Disclaimer: this is for informational purposes only and is not intended to be legal advice. If you need legal counsel, please contact an attorney directly.