The responsibility that it is given to a person or individuals to manage financial affairs of an individual or an organization when the individual or the organization is not in a position to make their decisions about their health and finance is called conservatorship (Bethany). Conservatorships can be termed as adult guardianships. When the court appoints a person who will take care of the financial matters, that person will be called estate conservator and the person taking care of personal decisions, and medical affairs are called conservator of that person. Conservatorships are always established for the people that in comas or persons having serious injuries or illness.
Merits of Conservatorship.
The advantage of conservatorships is that the court takes charge of the supervision, and the court provides a strong security to the property of the adult’s who can no longer make decisions on their assets and health care. The court prevents conservators from mismanaging the property by taking advantage of the people they are helping (Bethany). The conservators are required to seek permission from the court before making major decisions like selling of the property and termination of the life support. The conservators must sign an insurance policy that will protect the conservatee's estate from being mishandled. If the conservator is trustworthy and competent the bond premiums will be paid from the conservatee’s assets.
Drawbacks of Conservatorship.
The disadvantage of conservatorship is that conservator sometimes mismanages the conservatee’s assets and sometimes makes poor choices in the health care of the conservatee’s. Although every state has their rules and regulations that are designed to govern such abuses, few of the individuals have the capacity to observe the conservators and follow if they can mess with conservators’ assets and the health care. Many cases of mistreatment and incompetence by the conservators go unnoticed. Conservatorships are considered to be time-consuming and more expensive, and they require the court hearing and assistance of the lawyer on a regular basis (Bethany).
McLean, Bethany. Shaky Ground: The Strange Saga of the U.s. Mortgage Giants. , 2015. …