My sister wants me to handle the assets and income of her daughters estate through a conservatorship. She does not want a guardianship of her estate and specifically said conservatorship. I do not know anything about this so any help would be appreciated.
Estate Planning Attorney
In Wisconsin, a "conservator" is legally called the "guardian of the estate." They are the same thing. This is a person appointed by a court to handle the assets and income of an incompetent or minor person.
There can also be a "guardian of the person," who is in charge of living arrangements and medical needs.
Most often, a person is both "guardian of the person" and "guardian of the estate," but those things may be split up, or it may be that a ward only needs their assets managed and can manage their living situation OK. In that case, they only need a guardian of the estate, or a "conservator."
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Elder Law Attorney
Generally the conservator manages money for the incapacitated person, the guardian manages the life of the incapacitated person.
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