What is a conservatorship?

A conservatorship is a court-ordered guardianship over an individual's financial life. These are set up when an individual lacks the capacity to manage one or more areas of their own finances. An interested party such as the adult child of an elderly person will bring the case to the court, and a judge will determine whether a conservatorship is necessary, and will appoint a conservator. Conservatorships can be limited, which applies to only specific matters, or full, which grants a conservator the rights and responsibilities regarding all financial aspects of an individual's life. The conservator has an obligation to act in the best interest of the protected person also known as a conservatee. Any adult can be a conservator, and they are usually a family member, although professional conservators who perform the duties for a fee also exist. The conservatorship is monitored by the court, with periodic reporting required. Before obtaining a conservatorship, consider whether a less restrictive solution, such as a power of attorney, can accomplish the same goals.