There is a lot of fear involved when a loved one becomes unable to care for themself. Whether it is a physical problem or a mental one, the stress and concern created will not just go away. Your loved one must be cared for and protected, both physically and financially. That is why conservatorships are so important; they establish a system that allows you to manage the affairs of another individual who cannot manage for themselves.
Conservatorships are for people who cannot manage their financial assets for whatever reason. If your loved one is not able to manage their own financial affairs, you can be appointed as their conservator. As a conservator, you shall be given trustee status, which means you can handle financial affairs for them without their pre-approval. While you will not have any power over personal care decisions, you can choose to redistribute funds, invest in stocks, and even purchase property in order to protect the financial status of the afore mentioned individual. For those with mental handicaps or Alzheimer's disease, this type of conservatorship can be extremely helpful.
A conservator functions like a fiduciary. A conservator is held to a standard of care and bound by law. A conservator must keep detailed and accurated records of all the financial information of the individual being protected.
Within 90 days of appointment, the conservator must file an inventory of the estate of the individual. Then every year after, the conservator must file an accounting of the administration of the estate that accurately reflects all financial transactions that occured during the conservator period.
Legally speaking, there are many reasons why an individual could require a conservator, such as mental illness, physical infirmities, substance addictions, or abuse situations. Each person is different and any legal decisions must be considered heavily before being put into action. Though a tough decision, conservatorships are for the safety and well-being of the individual in question.