A conservatorship is a legal process where a conservator is put in charge of someone’s finances when that person is not able to manage it on their own. A conservatorship is often required and established when a minor is awarded money in a personal injury case. The award of money is placed in a special bank or investment account. The conservator is required to protect that money until the child is an adult.
A conservatorship is also used for a minor child or an incapacitated adult when that ward has money but is not capable of managing those funds. The guardian and conservator can be the same person, but don’t have to be. A conservator ship is different then being a representative payee for someone receiving Social Security Disability or SSI.
