In terms of estate management, what does the term 'conservatorship' refer to?

The term 'conservatorship' refers to a legal relationship established to manage the affairs of an individual who is unable to do so due to incapacity or disability. This arrangement is typically initiated through a court process, where a conservator is appointed to make decisions regarding the conservatee's personal and financial matters. This could include managing money, healthcare decisions, and day-to-day living needs.

In this context, conservatorship is crucial because it serves to protect the interests and welfare of individuals who may not have the capacity to handle their own affairs, ensuring that their needs are met and their rights are upheld. The legal framework surrounding conservatorships provides a level of oversight to prevent misuse of the individual’s assets and ensures that decisions made are in the best interest of the individual under conservatorship. This is distinct from other concepts like real estate management contracts, designations of financial advisors, or general estate planning tools, which involve different kinds of management and planning responsibilities.