A conservatorship is a legal status in which a court appoints a person to manage the financial and personal affairs of another person who is incapable of fully managing their own affairs due to age, physical, or mental incapacity. Conservatorship can be established either by court order (with regard to individuals) or via a statutory or regulatory authority (with regard to organizations such as business entities) . Conservatorship is a legal term referring to the legal responsibilities over a person who has a mental illness, including individuals who are psychotic, suicidal, demented, incapacitated, or in some other way unable to make legal, medical, or financial decisions on behalf of themselves.
A conservatorship may refer to the legal responsibilities of a conservator over the affairs of a person who has been deemed gravely disabled by the court and unable to meet their basic needs of food, clothing, and shelter. There are different types of conservatorships, including a limited conservatorship, which usually refers to the limited legal responsibilities of a conservator over the affairs of an individual who is developmentally disabled but still capable of making important decisions for themselves.
A conservatorship can be established for an individual, corporation, or organization. In general, a conservatorship is established when someone is unable to manage their financial, legal, or medical affairs. Examples of such a person include someone with dementia or a person with intellectual disabilities. A conservatorship provides a higher degree of protection for the conservatee than other alternatives due to court oversight of the conservatee.
The role of a conservator includes managing the financial and personal affairs of the conservatee, which can range from a limited conservatorship, which addresses only specific matters such as health or finances, to a full conservatorship, in which the conservator has the same rights and responsibilities that a parent does over a child. The conservator must seek court supervision for major transactions, such as purchase or sale of property, borrowing money, or gifting of assets.
In general, a conservatorship and a guardianship are different, but the same person can serve in both roles. A guardianship generally entails the appointment of a person to oversee the physical and medical care of an individual with limited capacity. Conservators are court-appointed individuals who are given the ability to manage another person...
