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What is a conservatorship

What is a conservatorship

What is a conservatorship

A conservatorship is when a person is appointed to take control of the property, financial accounts, and well-being of another, who may be a minor, person with a disability, or a person unable to manage their affairs.In recent court filings, her father Jamie's lawyers had said the conservatorship was "necessary to protect Britney in every sense of the word". They said: "Her life was in shambles and she was in physical, emotional, mental and financial distress."In the years under the conservatorship, Spears released three albums, held a successful Las Vegas residency and made numerous television appearances, including a stint as a judge on the US X Factor.

Conservatorship

Conservatorship is a legal status to which a court appoints a person to manage the financial and personal affairs of a minor or incapacitated person. A conservator may also serve as a guardian who is responsible for establishing and monitoring the physical care of the individual and managing their living arrangements. Conservatorship generally refers to the designation of a conservator by a court to manage the financial and personal affairs of an incapacitated or incompetent individual, minor, or older adult with limited capacity. In general, a conservatorship and a guardianship are different, but the same person can serve in both roles. A guardianship generally entails the appointment of a person to oversee the physical and medical care of an individual with limited capacity.

The terminology of conservatorships can vary in different jurisdictions. In some jurisdictions and states, a conservatorship is referred to as a guardianship, and conservators are sometimes called trustees. In California, both roles are called conservatorship, with the guardian role termed "conservator of the person" and the financial role called "conservator of the estate."Elderly individuals—specifically those with Alzheimer's or dementia—are also included among individuals who may fall under a conservatorship. For conservatorships of individuals, mental capacity must be determined by a psychiatrist, psychologist, or physician with extensive experience and training to diagnose conditions like dementia. Every diagnosis or determination must be documented and verified before a conservatorship over an individual can be ordered. (Source:www.investopedia.com)

 

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