A conservatorship is a legal arrangement established by the Arizona Superior Court, where an individual is appointed to oversee and manage the financial affairs of a minor or an incapacitated adult. This legal provision ensures that those who are unable to handle their own property or financial matters receive the necessary support and protection.
The conservator is tasked with making decisions related to the financial well-being of the individual, ensuring that their assets, income, and expenses are properly managed. This role is crucial for adults who, due to mental or physical conditions, are incapable of making sound financial decisions on their own. These conditions could arise from chronic illnesses, severe disabilities, or age-related cognitive decline, which impede their ability to manage finances independently.
In the case of minors, a conservatorship may be established when the child's parents or primary caregivers are unable, unavailable, or deemed unsuitable to manage the child's financial matters. The appointed conservator acts in the best interest of the minor, ensuring that their financial resources are utilized wisely and effectively for their benefit.
The primary purpose of a conservatorship is to provide a structured and legal framework that prioritizes the financial security and well-being of those who cannot manage their own affairs. It guarantees that the individual's assets are safeguarded and managed responsibly by someone who is legally recognized and entrusted with this significant responsibility.
