In last week’s post, I shared a few ways to provide support with estate planning to a family member or loved one with mental health challenges. Here are 3 more ways you may be able to support them, depending on their specific situation:
• Consider a guardianship. If this family member or loved one does not have the necessary capacity to sign legal documents, a guardianship for this person may be needed. There are two types of guardianships. Guardianship over someone’s assets, often called a conservatorship, involves someone making decisions over things such as their accounts and real estate. Guardianship can also be over the person themself, and a guardian may make decisions about where the individual lives as well as decisions about doctors and medications.
• Find the right type of guardianship for the situation. Guardianships (and conservatorships) can be limited in nature. Your family member may need help with some things, such as finding housing or caregivers, but be able to take care of most other things in their day-to-day life on their own. In this type of case, a limited guardianship may be recommended. A conservator might also oversee a large brokerage account or something along those lines, but the individual may have a small account and debit card that they use for daily expenses.