Conservatorship
Why become a conservator?
Perhaps your elderly parent can no longer manage his or her finances. Or your child inherits money, wins a lawsuit or receives a life insurance payment, or maybe you are caring for a grandchild or a disabled adult or child. Any of these situations may call for establishing a conservatorship, the legal right to be responsible for another person’s finances.
What conservators do
Legal conservators manage a person’s overall financial affairs, including their day-to-day bills. Conservators handle real estate, investments, and long-term savings.
How to become a conservator
Becoming a conservator is a legal process. It involves filing a petition in court and attending a hearing. If you become a conservator, you will need to give the court an overall financial plan as well as regular financial reports.