Conservator

A conservator manages money and property under court supervision — the financial counterpart to a guardian in many states. The exact meaning of the word depends on where you live.

Key Points

• Finances only, in most states. Where the terms are split, a conservator handles money and property — paying bills, managing accounts, protecting assets — while a guardian handles personal and medical decisions. In some states, one word covers both roles, so always check local terminology.
• Court approval for big moves. Conservators typically must keep detailed financial records, file periodic accountings with the court, and get court permission before major transactions such as selling real estate.
• The person’s money stays theirs. A conservator must use funds solely for the benefit of the person they serve — not for the conservator’s own benefit, and not mixed with the conservator’s own money.
• Bonding may be required. Courts often require conservators to post a bond (a kind of insurance) protecting the estate against mismanagement, especially for larger estates.
• It ends when it should. A conservatorship can be terminated if the person regains the ability to manage their affairs, and the court can replace a conservator who is not performing.

Watch Out For

Because a conservator controls someone else’s money, the role can be misused. Warning signs include missing account statements, unexplained withdrawals, a conservator who avoids questions from family, or a sudden drop in the person’s standard of living. Suspected misuse can be reported to Adult Protective Services in the relevant state, and interested family members can petition the court to review the conservator’s accounting.