CONSERVATORSHIP
Conservatorship is the procedure where an adult is appointed by the Court to oversee the personal care and/or estate of another adult considered incapable of managing alone. The person incapable of managing alone is the conservatee. The person who takes over the personal care and/or estate is the conservator.
There are two types of conservatorships. One type is to appoint a conservator to care for the person of someone who is no longer capable of caring for oneself. As conservator of the person, you must make arrangements to provide the conservatee with a safe and healthy environment. You have the legal responsibility for seeing that the conservatee has the adequate food, clothing, shelter, and medical are. You need to arrange for the conservatee’s daily needs- which may include personal care, transportation, shopping, entertainment, and visits with others. You may be given power by the court to decide where the conservatee lives. You may be given the authority to make medical decisions for the conservatee if he/she is unable to do so.
The second type of conservator is appointed to care for and handle the estate (finances and property) belonging to someone who is no longer capable of caring for and handling their own estates. As conservator of the estate, you are given the responsibility by the court to manage and protect the conservatorship estate. You are responsible for seeing that the conservatee’s bills are paid, that their property (both real and personal) is adequately insured, verifying that the conservatee receives all benefits to which he/she is entitled, opening and managing bank accounts, etc. You are required to manage the conseratee’s assets prudently even more carefully than you handle your own assets. After you are appointed conservator of the estate, you will be required to prepare an inventory and appraisal of the estates assets, have the estate appraised by the Probate Referee appointed by the court, and file the Inventory and Appraisal with the court. To protect the estate, a conservator of the estate is generally required to obtain a bond. A bond is a financial guarantee that the estate will be reimbursed if the conservator takes improper actions.