Conservatorship
Conservatorship is a legal arrangement in which a court appoints an individual or organization to manage the financial affairs of an individual or organization that is unable to do so themselves. The conservator is responsible for managing the assets of the individual or organization, as well as making decisions about their financial affairs. The conservator is also responsible for ensuring that the individual or organization is not taken advantage of financially. Conservatorships are often used in cases where an individual or organization is unable to manage their own finances due to age, disability, or other factors.
History of Conservatorship
The concept of conservatorship has been around for centuries. In the United States, conservatorship is a legal arrangement that is regulated by state law. The first conservatorship laws were enacted in the late 19th century, and since then, the laws have been updated and revised to reflect changing needs and circumstances. In recent years, conservatorship has become increasingly popular as a way to protect vulnerable individuals and organizations from financial exploitation.
Comparison Table
| Type of Conservatorship | Responsibilities |
|---|---|
| General Conservatorship | Manage assets, make financial decisions, and protect from exploitation |
| Limited Conservatorship | Manage specific assets, make specific financial decisions, and protect from exploitation |
Summary
Conservatorship is a legal arrangement in which a court appoints an individual or organization to manage the financial affairs of an individual or organization that is unable to do so themselves. The conservator is responsible for managing the assets of the individual or organization, as well as making decisions about their financial affairs. The conservator is also responsible for ensuring that the individual or organization is not taken advantage of financially. For more information about conservatorship, visit the websites of the American Bar Association, the National Center for State Courts, and the National Guardianship Association.
See Also
- Guardianship
- Trusts
- Power of Attorney
- Estate Planning
- Financial Planning
- Probate
- Elder Law
- Special Needs Trusts
- Financial Abuse
- Financial Exploitation
