--- title: What is a Conservatorship? description: It’s important that you have at least a working knowledge of conservatorship. Doing so ensures that you’re in a position to help care for anyone in your life who may have significant financial assets, real estate investments, or other holdings, but are not in a position to properly manage them. image: https://www.realized1031.com/hubfs/iStock-1322158065.jpg --- [![Realized 1031 Exchange Marketplace](https://www.realized1031.com/hs-fs/hubfs/Images/Brand/Logo/Realized/Realized-Logo-Black.png?width=240&height=80&name=Realized-Logo-Black.png "Realized 1031 Logo") ](https://www.realized1031.com/) - [Wealth Management Gap](https://www.realized1031.com/the-wealth-management-gap) - [Our Process](https://www.realized1031.com/how-realized-works) - [Financial Advisors](https://www.realized1031.com/advisor) - [Resources](https://www.realized1031.com/resources) - [The Company](https://www.realized1031.com/about-us) - [Articles](https://www.realized1031.com/blog) [Register](https://www.realized1031.com/marketplace) [Log In](https://www.realized1031.com/login) - Better Business Bureau Rating: **A+** - [FINRA BrokerCheck](https://brokercheck.finra.org/firm/summary/22333) - [Call](tel:1-877-797-1031) **(877) 797-1031** # What is a Conservatorship? Posted Mar 8, 2022 ![iStock-1322158065](https://www.realized1031.com/hs-fs/hubfs/iStock-1322158065.jpg?width=1365&name=iStock-1322158065.jpg) You may have heard a lot about conservatorship lately, as the news of pop singer Britney Spears seeking to have her father’s conservatorship over her legally removed. While many people are not familiar with the process of conservatorship and don’t know exactly what conservatorship entails, it’s important that you have at least a working knowledge of the process. Doing so ensures that you’re in a position to help care for anyone in your life who may have significant financial assets, [real estate investments](https://www.realized1031.com/glossary/real-estate-investment), or other holdings, but are not in a position to properly manage them. ### What is Conservatorship? Conservatorship is a legally binding concept that is issued by a probate judge. Conservatorship is issued by a probate judge and is only put into use when someone is deemed mentally or physically incapable of taking care of their own assets. In virtually every case, conservatorship is granted to a person who is a close family member to the party who is no longer able to make sound decisions regarding their own assets. In many cases, the person who is placed under conservatorship (they are referred to as conservatees) is elderly and is simply no longer capable of making sound decisions. However, in other cases, a probate judge, in conjunction with medical professionals, may decide that someone is not mentally fit to make sound decisions regarding their finances, property, or other [assets](https://www.realized1031.com/glossary/asset). ### Is Conservatorship Legal? The principle of conservatorship is completely legal as long as the conservatorship is issued by a judge. Obviously, you cannot simply decide that someone is mentally incapable of taking care of their own finances and declare conservatorship over them. However, if you get an attorney and file the necessary paperwork with the local courts, a judge may declare that someone is mentally incompetent, and therefore needs to be placed into conservatorship after consulting with medical professionals. ### What Happens in Conservatorship? In order to better understand what happens in conservatorship, let’s consider a hypothetical example. In this example, we will assume that you are the individual who is filing to be named as the conservator over a loved one’s estate. Whether through physical debilitation or a mental health issue, you believe that this family member is no longer mentally capable of caring for his or her investments. The investments in question are a group of rental properties that the individual owns. The first step of filing for conservatorship is contacting an attorney, preferably one who is familiar with the process. This attorney will be responsible for filing motions necessary to have your loved one evaluated by a medical professional. Based on the findings of those examinations, the attorney can then determine whether or not you have a viable case for conservatorship. Once the papers have been filed and the findings are in, the probate judge will review the findings and may want to hear testimonies from everyone involved. This could include you and the person who you are seeking conservatorship over. Based on the findings and any testimonies, the judge will then issue his or her decree. If you are awarded conservatorship, you will be put in charge of the rental properties in question, but you will be required to manage them in a way that best benefits the conservatee. Conservatorship is a major legal process that should not be taken lightly. However, if you believe that a loved one is no longer capable of properly caring for his or her investments in a responsible manner, it can certainly be something worth considering. The most important aspect of the process is approaching it in a legal manner that allows your loved one to maintain his or her dignity. This material is for general information and educational purposes only. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. Realized does not provide tax or legal advice. This material is not a substitute for seeking the advice of a qualified professional for your individual situation. 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While many people are not familiar with the process of conservatorship and don’t know exactly what conservatorship entails, it’s important that you have at least a working knowledge of the process. Doing so ensures that you’re in a position to help care for anyone in your life who may have significant financial assets, real estate investments, or other holdings, but are not in a position to properly manage them. What is Conservatorship? Conservatorship is a legally binding concept that is issued by a probate judge. Conservatorship is issued by a probate judge and is only put into use when someone is deemed mentally or physically incapable of taking care of their own assets. In virtually every case, conservatorship is granted to a person who is a close family member to the party who is no longer able to make sound decisions regarding their own assets. In many cases, the person who is placed under conservatorship (they are referred to as conservatees) is elderly and is simply no longer capable of making sound decisions. However, in other cases, a probate judge, in conjunction with medical professionals, may decide that someone is not mentally fit to make sound decisions regarding their finances, property, or other assets. Is Conservatorship Legal? The principle of conservatorship is completely legal as long as the conservatorship is issued by a judge. Obviously, you cannot simply decide that someone is mentally incapable of taking care of their own finances and declare conservatorship over them. However, if you get an attorney and file the necessary paperwork with the local courts, a judge may declare that someone is mentally incompetent, and therefore needs to be placed into conservatorship after consulting with medical professionals. What Happens in Conservatorship? In order to better understand what happens in conservatorship, let’s consider a hypothetical example. In this example, we will assume that you are the individual who is filing to be named as the conservator over a loved one’s estate. Whether through physical debilitation or a mental health issue, you believe that this family member is no longer mentally capable of caring for his or her investments. The investments in question are a group of rental properties that the individual owns. The first step of filing for conservatorship is contacting an attorney, preferably one who is familiar with the process. This attorney will be responsible for filing motions necessary to have your loved one evaluated by a medical professional. Based on the findings of those examinations, the attorney can then determine whether or not you have a viable case for conservatorship. Once the papers have been filed and the findings are in, the probate judge will review the findings and may want to hear testimonies from everyone involved. This could include you and the person who you are seeking conservatorship over. Based on the findings and any testimonies, the judge will then issue his or her decree. If you are awarded conservatorship, you will be put in charge of the rental properties in question, but you will be required to manage them in a way that best benefits the conservatee. Conservatorship is a major legal process that should not be taken lightly. However, if you believe that a loved one is no longer capable of properly caring for his or her investments in a responsible manner, it can certainly be something worth considering. The most important aspect of the process is approaching it in a legal manner that allows your loved one to maintain his or her dignity. This material is for general information and educational purposes only. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. Realized does not provide tax or legal advice. This material is not a substitute for seeking the advice of a qualified professional for your individual situation.", "articleSection" : [ "Real Estate Investing" ], "author" : { "@type" : "Person", "email" : "marketing@realized1031.com", "image" : "", "name" : "The Realized Team", "url" : "https://www.realized1031.com/blog/author/the-realized-team" }, "dateModified" : "2022-03-09T01:00:01+0000", "datePublished" : "2022-03-09T01:00:01+0000", "description" : "It’s important that you have at least a working knowledge of conservatorship. 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