Conservatorship

Business, Legal & Accounting Glossary

Definition: Conservatorship


Quick Summary of Conservatorship


Conservatorship is a legal concept in the United States. A person under conservatorship is a “conservatee,” a term that can refer to an adult.




What is the dictionary definition of Conservatorship?

Dictionary Definition


  1. The legal status of a conservator, similar to guardianship or trusteeship.
  2. The state of being under the control of a conservator.

Full Definition of Conservatorship


A conservatorship (also called an adult guardianship in some states) establishes the legal right for one person to manage the financial affairs or healthcare of another person if the court determines the person does not have the capability to perform this service on their own.

The conservator is under the court supervision, and the process can be expensive and time-consuming. Court proceedings are public records, and the conservators must provide periodic reports detailing their actions. The courts may require the conservator to seek permission before making major decisions which can include the sale of property or certain health care decisions. If the conservatorship is for financial affairs the conservator may have to post a bond to protect the assets of the conservatee. Unfortunately, it is very easy to mismanage a conservatorship, and abuses can go unnoticed by the state.


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https://payrollheaven.com/define/conservatorship/
Modern Language Association (MLA):
Conservatorship. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 22, 2021 https://payrollheaven.com/define/conservatorship/.
Chicago Manual of Style (CMS):
Conservatorship. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/conservatorship/ (accessed: September 22, 2021).
American Psychological Association (APA):
Conservatorship. PayrollHeaven.com. Retrieved September 22, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/conservatorship/

Definition Sources


Definitions for Conservatorship are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 1st April, 2020 | 2 Views.