Conservator/Conservatorship – Part 1

Real Estate Word of the Day – Learning Real Estate one word at a time…
 
Conservator/Conservatorship – Part 1
 
Conservator
 
A guardian, protector, preserver, or receiver appointed by a court to administer the person and property of another (for example, an incapable adult or an entity on the brink of insolvency) and to ensure that the assets are properly managed. A conservator may not need a real estate license to sell the protected real estate, although the sale does require court approval.
 
Conservatorship
 
A conservatorship is a legal concept that grants one person, known as the conservator or guardian, the legal authority and responsibility to make decisions on behalf of another person, referred to as the conservatee or ward. This arrangement is typically established when the court determines that an individual is unable to manage their personal or financial affairs due to incapacity, disability, or other reasons.
 
There are different types of conservatorships:
 
Conservatorship of the Person:
 
This involves decisions related to the conservatee’s personal well-being, such as healthcare, living arrangements, and day-to-day activities.
 
Conservatorship of the Estate:
 
This pertains to managing the conservatee’s financial affairs, including assets, income, and expenses.
Conservatorships are often established for individuals who are elderly, incapacitated due to a medical condition, or have a developmental disability. The process of establishing a conservatorship involves a legal proceeding, and the court will consider evidence regarding the individual’s capacity and the necessity of appointing a conservator.
 
In some cases, conservatorships can be controversial, especially when high-profile individuals are involved. A well-known example is the conservatorship of Britney Spears, a pop singer, which gained significant media attention and sparked discussions about the rights and autonomy of individuals under conservatorships.
 
It’s important to note that laws related to conservatorships vary by jurisdiction, and the specific procedures and requirements may differ. Legal professionals, such as attorneys, are typically involved in the establishment and oversight of conservatorships.
 
Next up – Conservatorship of Financial Institutions

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