Conservatorship is a legal arrangement that has been around for some time. But conservatorship gained greater attention among the general public when instances of this unique legal arrangement involving some high-profile celebrities started to make headlines. Both pop star Britney Spears and actress Amanda Bynes have been under conservatorships and only recently released from their legal situations.
According to Investopedia, an investing, banking and personal finance site, conservatorship is a legal status in which a court appoints a person to manage personal and financial affairs of a minor or incapacitated person. The conservator also may serve as a guardianwhohelps the individual manage physical needs and daily living. While age may be a variable when considering a conservatorship, in the cases of both Spears and Bynes, concern over mental capacity and decision-making led to conservatorships being issued to both women’s parents. Here’s a deep look at conservatorships and how legal professionals help navigate them.
Job of a conservator
MetLifesaysconservators are court-appointed
individuals who manage another person’s financial and personal affairs. Conservators may manage housing, education, health care, transportation, food, housekeeping, and other needs for an “incapacitated individual.” The term “guardian of the estate” also may be used to describe a conservator.
Differences between a guardian and conservator While a guardian also may be court-appointed, this person manages health care and mostly other non-monetary decisions for a person who cannot make these decisions due to a disability, illness or injury. The legal resource LawHelp reports that a conservator primarily oversees a person’s finances.
Who may need a conservator?
There are instances when a guardian or conservator could be legally warranted. Someone who is in a coma, mentally challenged, suffered a brain injury, has Alzheimer’s or another form of dementia, or is under psychiatric care for certain illnesses may be appointed a guardian or conservator. While these two individuals may be different, one person can serve as both guardian and conservator if the court sees fit.
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Hiring a lawyer
Becoming a conservator or ending a conservatorship is a multi-step process that can be emotional. All it can take is one error to deny a conservatorship and then the process will have to start over. Therefore, hiring an attorney to guide the process is beneficial.
When a durable power of attorney may not be possible, conservatorship can protect the interests and assets of incapacitated people.
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