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A conservator is an individual who handles the financial or daily life affairs of a conservatee, or a party deemed incompetent by a court. The roles of conservator and conservatee follow from the legal concept of conservatorship which is similar to legal guardianship.
A conservator is an individual who handles the financial or daily life affairs of a conservatee, or a party deemed incompetent by a court. The roles of conservator and conservatee follow from the legal concept of conservatorship which is similar to legal guardianship.
The United States Social Security website defines a conservatorship account as a financial account in which a person or institution has been appointed by a court to manage and preserve the assets of an individual which are held in the account.
Typically, the guardian is a family member or close friend. They have the same rights and responsibilities as a parent does for their minor child, making guardianship on a bank account similar to a minor savings account. Guardianships are treated the same way as minor accounts theres just a legal document present.
A Guardianship account is established by the court when a person is legally incapacitated and unable to manage their financial affairs. The court-appointed guardian of a persons estate can be an individual or guardianship services organization, which manages the financial affairs of the incapacitated person.
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In terms of differences between a conservator vs. trustee, a trustee only has authority over the assets held by the trust, whereas a conservator of the estate can generally exercise full control over the conservatees finances to the extent the conservatees assets are held by the conservatee individually.
In order to open a guardianship account, the guardian must show a certified copy of a court order appointing them the guardian of an individuals account. If an individual can no longer serve as guardian of an account, because of death or some other reason, the court will appoint a new guardian for the account.
Tax Considerations With a guardian account, the guardian has no tax responsibilities, and the tax preparer uses the account owners Social Security number when filing taxes. Custodial parents may have to file a tax return for their child.
With the proper authority and within the resources available to the conserved person, the conservator shall monitor and promote the health and well-being of the conserved person and shall arrange appropriate medical care for the conserved person.
A conservator is an individual who handles the financial or daily life affairs of a conservatee, or a party deemed incompetent by a court. The roles of conservator and conservatee follow from the legal concept of conservatorship which is similar to legal guardianship.

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