conservatorship

con·ser·va·tor   (kən-sûr'və-tər, kŏn'sər-vā'tər)    n.   A person in charge of maintaining or restoring valuable items, as in a museum or library. One that conserves or preserves from injury, violation, or infraction; a protector. Law One that is responsible for the person and property of an incompetent. con·ser'va·to'ri·al (-tôr'ē-əl, -tōr'-) adj., con·ser'va·tor·ship' n.

Conservatorship

A circumstance in which the court declares an individual unable to take care of legal matters and appoints another individual, known as a conservator, to do so.

Investopedia Commentary

This is sometimes referred to as "LPS Conservatorship". The LPS stands for Lanterman, Petris and Short - the three senators who passed California's mental health conservatorship laws.

Related Links

The Importance Of Estate And Contingency Planning
Three Documents You Shouldn't Do Without
Getting Started On Your Estate Plan

See also: Escrow Agreement, Guardian, Power of Attorney

Also spelled: conservator

Main Entry: con·ser·va·tor
Pronunciation: k&n-'s&r-v&-t&r, 'kän-s&r-"vA-
Function: noun
1 : a person, official, or institution appointed by a court to take over and manage the estate of an incompetent —compare COMMITTEE, CURATOR, GUARDIAN, RECEIVER, TUTOR
2 : a public official charged with the protection of something affecting public welfare and interests; specifically : an official placed in charge of a bank because its affairs are not in a satisfactory condition —con·ser·va·tor·ship noun