Business, Legal & Accounting Glossary
n. a guardian and protector appointed by a judge to protect and manage the financial affairs and/or the person’s daily life due to physical or mental limitations or old age. The conservator may be only of the “estate” (meaning financial affairs), but may be also of the “person,” when he/she takes charge of overseeing the daily activities, such as health care or living arrangements of the conservatee. The process is that a relative or friend petitions the appropriate local court for appointment of a specific conservator, with written notice served on the potential conservatee. The object of this concern is interviewed by a court-appointed investigator to determine need, desire and understanding of the potential conservatee as well as the suitability of the proposed conservator. An open hearing is held before the appointment is made. The conservator is required to make regular accountings which must be approved by the court. The conservator may be removed by order of the court if no longer needed, upon the petition of the conservatee or relatives, or for failure to perform his/her duties.
Someone appointed by a judge to oversee the affairs of an incapacitated person. A conservator who manages financial affairs is often called a “conservator of the estate.” One who takes care of personal matters, such as healthcare and living arrangements, is known as a “conservator of the person.” Sometimes, one conservator is appointed to handle all these tasks. Depending on where you live, a conservator may also be called a guardian, committee or curator.
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This glossary post was last updated: 27th April, 2020 | 0 Views.