Conservatorship

  A conservatorship is a court-supervised arrangement where a judge appoints a conservator (also called a fiduciary in this context) to manage the financial affairs of an adult who can no longer make sound decisions about their money, property, or estate due to incapacity (e.g., from dementia, injury, or disability).

• It focuses primarily on financial matters: paying bills, managing investments, collecting income, handling contracts, selling property if needed, and using assets for the person's care.
• It is distinct from guardianship, which typically covers personal decisions (medical care, living arrangements, daily needs). Some states combine or use the terms differently; in Minnesota, guardianship often addresses personal matters while conservatorship handles finances.
• Conservatorships are usually established when less restrictive options (like a durable power of attorney) are not in place or are insufficient.
• The process involves a court petition, notice to the person, possible investigation, a hearing, and evidence of incapacity (often "clear and convincing" evidence). The court oversees the conservator, who must file inventories, annual accountings, and reports.

Protects them and their property from harm or mismanagement. The court appoints a conservator when there is a need to pay for needed care, to manage money or to prevent fraud and when there is no less restrictive alternative than a conservatorship. 

Incapacity: The person is unable to make decisions because of a mental illness (like dementia) or a physical condition.

Disability: A permanent mental or physical disability can prevent someone from achieving independence and managing their affairs.