In the United States, every individual has the right to be represented by an attorney, ensuring that every American has access to their legal rights and protection at all times. Attorneys are provided free of charge when needed. But what happens when an individual, who may own a business, is not capable of making a decision themselves? Conservatorships are the answer.
What Does Conservatorship Mean?
The term conservatorship means that a judge has chosen an individual to represent another person or entity. This is usually done when an individual has a medical condition or is older and unable to make decisions. A conservator has the right to apply for a sole proprietor tax ID number when needed or a corporation tax ID number. This individual is responsible for making decisions for an individual which can include taking over everyday business dealings of an entity.
Limited Conservatorships
There is a second classification of a conservatorship, one that is considered limited. This one will apply to an individual who is ill or incapacitated in some manner but still can make decisions for themselves. The person being represented has the ability to maintain their right to have more input as to their care as well as the future of any entities they may possess.
A conservatorship that is limited will usually have a time frame in the beginning of 30 days. If the condition of the individual remains after this time frame, a second period will be applied, such as 12 months.
An individual might need a conservator for many reasons including:
- Being in a coma
- Suffered a stroke
- Mentally challenged
- Has a form of dementia such as Alzheimer’s
- Brain injury
If you have been named a conservator for an individual and are finding it challenging to take on financial matters, keeping track in a responsible manner, you will find it can be easier to go online and have a taxpayer ID. At irs-ein-tax-id.com, information is available on conservatorship as well as the ability to apply for a tax ID to streamline the financial obligations you have in this new role.
