Understanding Attainors: A Guide to Managing Financial Affairs for Incapacitated Individuals
Attainor is a legal term that refers to the person who is appointed by a court to manage the property and financial affairs of someone who is unable to do so themselves, usually due to mental incapacity or minority. The attainor is responsible for managing the assets and liabilities of the incapacitated person, known as the "ward," and making decisions on their behalf regarding financial matters, such as investments, taxes, and legal disputes.
The role of an attainor is similar to that of a guardian or conservator, but it is typically used in situations where the ward has not been fully declared incapacitated and is still able to make some decisions for themselves. The attainor acts as a fiduciary, meaning they have a legal duty to act in the best interests of the ward and to manage their affairs with care and prudence.
Attainors are commonly used in situations where an adult has become incapacitated due to an accident or illness, but is not yet ready for full guardianship. They can also be used in cases where a minor has inherited property or assets and needs someone to manage them on their behalf until they come of age.
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