Definition

A legal arrangement where a court appoints someone to manage the personal and financial affairs of a person who can’t do so themselves.

What to consider

  • Be aware of the responsibilities if you’re appointed or need one.
  • Understand the legal limitations and obligations involved.
  • Consult with professionals to navigate the process effectively.

Real world scenarios

  • After her father’s cognitive decline, Mia’s family established a conservatorship so a trusted relative could manage his finances and personal affairs.

Related terms

Legal & Estate Planning