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Who is a conservator? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Generally, it applies in situations where property ownership belongs to minors, mentally incompetent persons, or other individuals who are unable to manage their own affairs. In such cases, the court will appoint a conservator (some courts use different terms, such as guardian) to preserve and protect the property on behalf of those individuals. Depending on the jurisdiction and local legal customs, a conservator may be appointed for the estate and/or the person. The appointment of a conservator is usually manifested by a court order, statutory legal framework, and/or a regulatory authority. The extent and length of a conservation’s power, often varies by jurisdiction and local legal customs. The requirements to be a conservator, along with the scope of a conservator’s obligation, may vary a lot from state to state, and from case to case. The term ‘conservator’ seems to connotate a lack of permanency, which is often true; however, it may be possible for a conservator to serve for a long time period. To limit their potential legal exposure, it is generally a good idea for conservators to maintain length and detailed accounting records and receipts.

 

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