A conservator may be needed for an adult when that person is unable to manage property and financial affairs effectively. This could be as a result of the property being mismanaged and wasted, or if funds are needed for the support, care, and welfare of the legally incapacitated person. Typically, minor conservatorships are needed when a minor (any person under age 18) receives money from an inheritance, life insurance, wages, or an injury settlement over $5,000 in any one year. The assets are turned over to the minor on their 18th birthday.
A conservatorship is a process in which an individual (known as the conservator) takes over another person’s financial and business affairs. The conservator is usually a friend, relative, or close associate of the protected person. His or her job is to do things like pay bills, invest money, care for assets, and protect the person from financial harm, scams, or schemes.
In Ohio, this is referred to as a Guardianship.