What is a guardianship of the property?

A guardianship of the property is a legal arrangement in which a conservator is appointed by the court to manage the financial assets of a person who is unable to do so themselves. In Nevada, the court can establish a guardianship of the property when a person is proven to be incapacitated or otherwise unable to manage their own financial affairs. A conservator may be a family member, friend, or professional such as an attorney or accountant. This person is responsible for managing the assets of the individual in question. The conservator must submit a report to the court each year detailing how the assets were managed during that period, and the court must approve or deny the report. The conservator also must file an inventory of the assets and liabilities of the individual with the court. The conservator is then responsible for using the assets for the benefit of the individual, such as to pay bills or buy food. The guardian of the property also is responsible for accounting for all expenses the conservator incurs while managing the assets. This includes providing proof of payment for all expenditures. The conservator is also accountable for protecting the assets of the individual and cannot use them for his or her own personal gain. Overall, a guardianship of the property is an important legal arrangement that protects the assets of an individual when that individual is unable to do so. It allows the assets to be managed in a responsible manner while providing financial security for the individual.

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What is a guardianship of the property?

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