The authority of a conservator in Virginia depends on whether they are granted full or limited conservatorship. A party with full conservatorship has broad powers to manage various financial matters for their incapacitated ward.
In contrast, someone with limited conservatorship is restricted to making decisions only in specific circumstances as outlined by the court.
A conservator’s role is to manage the financial interests of an individual who can no longer handle their finances independently.
Due to the extensive authority a Virginia conservator has over their ward’s finances, a conservatorship is granted only in extreme circumstances. If you are considering becoming a conservator for a loved one, a Virginia guardianship and conservatorship lawyer can guide you through the process.
Powers of a Full Conservator in Virginia
The powers of a full conservator are set forth in Virginia Code § 64.2-105. The state code outlines all the different rights and responsibilities a conservator has when it comes to managing the finances of their ward.
The conservator will have power over these various financial concerns unless the court specifies otherwise in their appointment as conservator.
It’s important to remember the differences between a conservator and a guardian in Virginia. Conservators are in charge of an incapacitated party’s financial concerns, while guardians oversee other concerns for their well-being, specifically matters involving the ward’s health.
Ratifying or Rejecting Contracts
If the ward entered into any legal contracts before being declared incapacitated, the conservator has the authority to either reject or approve the contract. This decision depends on whether the contract aligns with the ward’s best interests.
Paying Those Providing Services to the Incapacitated Person
The conservator has the right to pay for any services to benefit the incapacitated person or any legal dependents they may have. They can pay money directly to:
- Any businesses or individuals providing goods and services
- Any party providing care to the ward
- A custodian managing the funds of a minor
- The guardian of the incapacitated person or the guardian of their dependent
Maintaining Insurance Policies
The conservator has the power to maintain any life, health, casualty, and liability insurance policies that benefit their ward and legal dependents.
Manage the Estate After Termination of Conservatorship
Once the conservatorship has been terminated, the conservator can continue to manage the estate until they are able to hand everything back over to their ward or their heirs.
Take Actions that Serve the Best Interest of the Ward
The conservator has the power to sign documents on behalf of the incapacitated party and take any other actions that serve the best interest of their ward.
Initiate Legal Proceedings
The conservator can take actions to begin any legal proceedings that are in the best interest of the incapacitated person, including actions to:
- Cancel a power of attorney
- Make certain estate elections
- Take a property exemption, a family allowance, or a homestead allowance
Borrow Money on Behalf of the Incapacitated Party
The conservator has the right to borrow money for their ward if they find reasonable terms. This can include borrowing money from themselves if the conservator is a bank. The conservator can also put up part of the incapacitated person’s estate as collateral for new loans or when renewing existing loans.
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Requirements Imposed by the Court
The court has the right to impose requirements that the conservator must meet prior to selling any real estate of the incapacitated party. Common conditions set forth by the court include:
- Increasing the bond amount of the conservator
- Getting the property appraised
- Providing interested parties with notice of the proposed sale as the court deems proper
- Consulting any appointed guardian and the accounts commissioner prior to the sale
- Using a common source information company for listing the property
If the court sets any of these or other conditions, the conservator must report to the accounts commissioner to show how these conditions were satisfied.
The commissioner will then report to the court about whether the requirements were met and whether the sale fulfills the conservator’s responsibilities. Sales cannot be finalized until the court reviews and confirms this report.
Powers of a Limited Conservator in Virginia
In some cases, only limited conservatorship will be granted. The court will evaluate the incapacitated party’s needs and determine whether to grant full or limited conservatorship.
A limited conservator may have the power to handle only certain types of financial concerns for their ward. Limited conservatorship is often granted in cases involving mentally disabled adults.
The conservator will typically be permitted to handle some of the ward’s bigger financial issues while allowing the ward to maintain the autonomy to handle their more basic financial needs.
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Short-Term and Temporary Conservatorship in Virginia
In some circumstances, a conservatorship may be granted on a short-term basis. While permanent conservatorship will last for the duration of the incapacitated person’s life, barring a significant change in circumstances, short-term and temporary conservatorships only last for a limited period.
A short-term conservatorship typically lasts no longer than 90 days. It is granted to address an immediate need, such as a person who becomes unexpectedly incapacitated. Short-term conservatorships can be granted without a formal hearing to provide the incapacitated person with a conservator without delay.
A temporary conservatorship may be granted for a set period of time or until certain conditions have been met. For instance, a conservator may be appointed to someone who enters a medical coma until they awaken.
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Reach Out to an Experienced Attorney
If you have been appointed as a conservator for a loved one who has become incapacitated, an experienced lawyer can help ensure you fully understand your power as a Virginia conservator and assist you in taking action to ensure the well-being of your ward. At Melone Hatley, P.C., we have a long history of helping conservators carry out their duties to protect their wards.
Review our client testimonials to gain insight into the quality of our service, then contact us to schedule a free case evaluation with one of our Client Services Coordinators.
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