Full Definition

Conservatorship (called a “guardianship of the estate” in Texas) is a court-supervised legal arrangement in which a court appoints a conservator to manage the financial affairs of a person who has been deemed unable to do so due to incapacity, disability, or advanced age.

The conservator’s duties typically include managing bank accounts and investments, paying bills, filing taxes, managing real estate, and making financial decisions on the incapacitated person’s behalf. The conservator must file detailed annual accountings with the court and obtain judicial approval for major financial decisions.

In Texas, guardianship of the person (personal/medical decisions) and guardianship of the estate (financial decisions) can be granted separately or together. Courts prefer to appoint the least restrictive arrangement — meaning only the financial powers that are actually needed.

A financial Durable Power of Attorney, if executed while the person was competent, provides similar authority without the cost and burden of ongoing court oversight. An elder law attorney can help families understand when a conservatorship is legally necessary versus when existing planning documents are sufficient.