Certain life situations can make it difficult for a person to manage his or her own assets. When this is the case, family members may set up a conservatorship. While people may often associate conservatorships with older populations, one celebrity's conservatorship demonstrates that some younger people also have conservators managing their finances.
Pop star Britney Spears has filled headlines for many reasons since she grabbed the media's attention as a teenager. While she had a number of very successful years in the music industry, she went through a period several years ago when her behavior was unusual. In 2007, the pop singer spent some time in a psychiatric hold at a hospital. Britney's father then took out a conservatorship for her.
Under this conservatorship, Britney's father, the conservator, manages the assets of Britney, the ward. The conservator only has the ability to manage the ward's money and property. This differs from a guardianship in which a guardian can make decisions relating to many aspects of a person's life, such as where the person should live or receive healthcare.
The conservatorship set up by Britney's father is still active. Spears' ex-fiancé became a co-conservator last year after he and Spears became engaged. However, Spears' ex-fiancé gave up the role of co-conservator when the couple split this month. Spears' father is now the sole conservator again.
Considering the sizable amount of assets that this superstar has accumulated and her questionable decisions, it is understandable why her father would want to have the ability to manage her assets. However, this could also be true for a person with fewer assets. If family members are concerned that a person of any means is not able to manage his or her own finances and assets, setting up a conservatorship may be a good idea.
A conservatorship may be appropriate when family do not feel that a guardianship is necessary. If family members do not want to manage every decision that a person makes, but want to protect their loved one's assets, talking to an attorney about setting up a conservatorship could be very beneficial.
Source: Fox News, "Source: Being a pseudo-parent to Britney Spears 'exhausting' for Jason Trawick," Hollie McKay, Jan. 14, 2013