I was recently named guardian of my father who has dementia. The instructions I was provided (just an online doc provided by the state of VA) is to open a new "conservatorship checking account" to manage his finances through. Is there any reason to do this if his existing bank (checking account) will re-title his account to [my name], Conservator for [father's name] and gives me access? Wanted to see if there is something special or necessary about establishing a new account for this purpose. It will save me a lot of time to just use his existing account as his retirement income already goes there.
Virginia Law website states that:
"Conservator” means a person appointed by the court who is responsible for managing the estate and FINANCIAL AFFAIRS of an incapacitated person…"
"Guardian” means a person appointed by the court who...is responsible for the PERSONAL AFFAIRS of an incapacitated person, including responsibility for making decisions regarding the person's support, care, health, safety, habilitation, education, therapeutic treatment, and, if not inconsistent with an order of involuntary admission, residence.
According to the Virginia pamphlet:
http://www.courts.state.va.us/courts/circuit/resources/guardian_conservator_pamphlet.pdf
PUT ASSETS INTO CONSERVATORSHIP NAME
1. Change the titles to every account or asset to "[your name], Conservator for [person's name]."
2. Do not use your own Social Security number on conservatorship assets, use the person's Social Security number.
Hope that this answers your question.
Yes, the pamphlet you reference is the one I was referring to that is put out by the state of VA. That section you mention is clear, but in the section below it - it mentions creation of a new conservator checking account. I just wanted to know if this was necessary or not since it seemed unneeded once the existing accounts were put into the conservatorship name and I ran his expenses through them.