Conservatorship is the appointment of a guardian or a protector by a judge to manage the financial affairs and/or daily life of another person due to old age or physical or mental limitations. A person under conservatorship is known as a “conservatee”, a term that can refer to an adult. A person under guardianship is a “ward”, a term that can also refer to a minor child. Conservatorship may also apply to corporations and organizations as well. (reference)
As stated above a conservator is a person appointed by a judge to manage the financial affairs of an incapacitated adult. A person may be declared incapacitated if they are found to be impaired by reason of mental illness, mental deficiency, physical illness or disability, physical or mental infirmities accompanying advanced age, chronic drug use or intoxication, or other evidence that the person lacks sufficient understanding or capacity to make or communicate responsible decisions.
The conservator is responsible for, among other things, the payment of bills, taxes and expenses; making investment decisions; the sale, purchase, or rental of property; the voting of stock; and the execution of contracts and agreements.
Regardless of who the probate court appoints as conservator, his or her duty is to act solely in the best interests of the incapacitated person. To that end, the conservator will likely be required to post a bond to insure the estate against mismanagement. Furthermore, the probate court will require periodic inventories and accountings of estate assets. Given the serious nature of these duties, one should consult with an attorney familiar with this area of law in order to avoid unintentional missteps. The attorneys of Pruitt & Tudisco, P.C., have often been appointed by the probate court to act as conservators for the incapacitated. We would be pleased to put our experience and knowledge to work for you and your family.