It depends on the powers given to the conservator under a court order, power of attorney or whatever document gives the conservator powers. Ask the attorney to point out the authority to do so.
Q: Can a conservator in Wisconsin create trusts with the conservatee's assets?
A: Good Luck! It really depends on the presiding probate court judge's philosophy and inclinations. There are good reasons to establish some trusts, for example a D4A Medicaid payback trust that preserves current benefits as well as the trust assets for discretionary purposes. Medicaid gets the leftovers after death. Worth a try!
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Typically, the answer would be "yes", but it would depend on what powers have been entrusted to the conservator. Typically, an Attorney would need to review papers and discuss with Conservator's counsel to see whether this would appropriate.