What is a Conservator? Conservatorship, Explained

In estate planning, a conservator is named in a will as a financial guardian for minor children. If you pass away, a conservator would handle your child’s financial or real estate assets until they come of age.

Depending on which state you live in, a conservator might instead be called a guardian or financial guardian.

A “ward” is the person whose assets are managed by a conservator. Wards are usually minor children. They can also be incapacitated adults who can’t oversee their own finances due to mental illness, disability, or physical or mental decline.

Conservators and legal guardians: There's a difference

Many parents use their will to name a legal guardian for their minor children. A legal guardian is responsible for raising the child and providing for their personal and emotional needs if both parents pass away. While a guardian manages the day-to-day decisions of their ward, a conservator only manages their financial assets.

Note: In some states the terms are used interchangeably. To learn more, read Conservators vs. Guardians: What’s the difference?

Responsibilities of a conservator or financial guardian

A conservator’s responsibilities and duties may include:

• Paying bills and taxes on their ward’s behalf
• Paying fees on their ward’s real estate properties, including mortgages, taxes, and insurance
• Paying for the ward’s education, healthcare, and other expenses
• Holding or investing their ward’s funds, if their ward has liquid assets

Conservators are legally required to act in their ward’s best interests. They’re not allowed to use their ward’s assets solely for their own gain. For example, they can’t live on property owned by their ward without getting permission. They also can’t use their ward’s cash to pay for personal expenses unrelated to their ward’s care.

Conservators have to get permission before making decisions about their ward’s property (like selling real estate). They must also submit detailed reports of their actions and decisions to a local court. This oversight is intended to prevent conservators from committing fraud.

Who can be a conservator?

To be qualified to serve as a conservator, a nominee must be over the age of majority (18 in most states). This could be a family member, close friend, professional fiduciary, attorney, guardianship organization, or any person named in a will.

When choosing a conservator, consider someone who’s organized, good with money, and will always act in your child’s best interest.

Who cannot be a conservator?

• Individuals with a criminal record, especially for financial or abuse-related crimes
• People with significant conflicts of interest
• Those found incompetent or unable to carry out the duties (mentally, physically, or logistically)
• In some states, non-residents of the state without a co-conservator who lives locally

The court's role

The court will verify your nominee’s age and check their background. They’ll also look into their financial and criminal history before appointing them as a conservator. The court usually won’t approve someone who’s already assisting your child financially.

What happens if you don’t name a conservator in your will?

If you name a legal guardian for your child but not a financial guardian, then your legal guardian will usually fill both roles.

In some cases, the court might decide that a separate financial guardian is necessary. Having a separate legal and financial guardian can create a checks and balances system between both parties. In that case, the court will usually ask family members to volunteer. If no family members volunteer or are fit to be a financial guardian, then the court will appoint someone, like a public official, to fill the role.

Should you name a conservator in your will?

If you have minor children and plan to leave financial assets to them, you may also want to name a conservator. This trusted individual can manage those assets until your children are old enough to legally receive them. If you want to name a conservator for a disabled adult in your care, you may want to speak to an estate attorney. A qualified attorney can work with you to develop a plan that best accommodates the needs of your loved one.

A conservator is one of several types of guardians you can name in your will. Learn more about the other types to help you choose the best fit for your situation.