What is a conservatorship?

A conservatorship is a legal arrangement in which an individual, known as a conservator, is appointed by a court to manage the financial affairs and/or the physical wellbeing of another individual who is referred to as the protected person. In Indiana, the court may appoint a conservator for a minor or an incapacitated adult. A conservatorship is set up much like a guardianship and the court will often appoint the same conservator to also manage the protected person’s guardianship. A conservator is legally responsible for managing the protected person’s financial assets, handling medical bills, and managing income, as well as any other assets that may come up. The conservator must keep accurate records of all of the protected person’s financial affairs and must follow all court orders and directions provided by the court. The conservator must also submit annual reports to the court that show how the conservatorship is being managed, and the court may ask for additional reports, as well. Conservatorships in Indiana can be as temporary or permanent as the court deems necessary, and can last even after the protected person has passed away.

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What is a conservatorship?

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