A conservator is someone who a court appoints to handle the finances of a person who is unable to do so him or herself. However, the conservator does not have full reign to do as he or she wishes.
According to the Arizona State Legislature, the court ultimately has the authority to prescribe how much control a conservator has.
If the court appoints you the conservator of a minor, then you will also have the duties of a guardian unless the court specifically appoints one. For adults, you have similar power to a trustee in the management of the person’s assets and other finances.
You have the right to make day-to-day spending decisions. You can also invest money, make purchases, borrow and carry out other financial decisions as you see fit. You have full control over the financial aspects of the person’s life, but you must make decisions in the best interest of the person. You want to make informed and well-thought-out decisions.
You also have the responsibility to keep the person out of bad debt and to pay debts, including taxes. You must manage the estate of the person properly.
In everything you do as a conservator, you need to ensure that you are making sound decisions. You have to follow the law and any orders from the court as well. It is essential that you treat this like a job where you are careful and calculating in the management of the finances.
Being a conservator is a serious responsibility. The court can remove your powers at any time if you do not act properly. You could also end up with problems if you misuse your power.