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Conservatorship of an Adult
A Conservator is a person,
or sometimes a financial institution, appointed by the judge to manage money and
property for someone else. The person needing the Conservatorship is called a "protected
The judge may appoint a Conservator when the judge determines two things: First,
that the person to be protected is not capable of managing his or her money and
property effectively. Second, that the person to be protected has money or property
that may be squandered. A Conservator will not be appointed until after a court
The judge will order the Conservator to obtain a bond in an amount the judge determines
is necessary to protect the person's assets. Bonds insure protection against theft
or fraud and are obtained from insurance companies. The Court might order that part
of the ward's assets are restricted, which will lower the amount of the bond.
A Conservator has many responsibilities, including managing the protected person's
monthly bills, real estate, tax returns and so on.
The Conservator must keep detailed records of all financial transactions. These
records must show the dates, amounts and types of all financial transactions, with
receipts. Once a year, the Conservator must file an accounting with the court. The
accounting must show all financial transactions since the appointment date. The
Conservator must also schedule a hearing for court approval of all financial transactions
for the year in review.
A Conservatorship appointment is for an indefinite period of time. If the protected
person becomes able to manage property, or if the protected person dies, the Conservator's
obligations and liability continue until the judge enters a formal order ending