Conservatorship is a legal concept in which a guardian or protector is appointed by a court to manage the financial affairs and/or daily life of another individual who is unable to do so themselves due to incapacity or disability.

Conservatorship allows the appointed individual, known as the conservator, to make financial decisions on behalf of the incapacitated person. This includes managing assets, paying bills, making investments, and ensuring financial stability.

The responsibilities of a conservator include creating and maintaining a budget, managing investments, paying bills, filing taxes, and keeping detailed records of all financial transactions. The conservator must act in the best interest of the incapacitated person at all times.

Conservators can ensure financial stability by creating a comprehensive financial plan, diversifying investments, monitoring expenses, staying informed about financial markets, and seeking professional advice when needed. It is important for conservators to prioritize the long-term financial well-being of the incapacitated person.

Some potential risks of conservatorship include financial mismanagement, conflicts of interest, fraud or abuse by the conservator, and lack of transparency in financial decisions. It is important for conservators to act ethically, responsibly, and in accordance with the law to protect the assets of the incapacitated person.