A conservatorship account is a financial account in which a person or institution
has been appointed by a court to manage and preserve the assets of an individual which
are held in the account. In a conservatorship account the “beneficiary” retains ownership
of all of the assets; in trusts, ownership of the property is transferred to the trust
Additionally, the conservator usually does not have a fiduciary duty to the beneficiary
because the funds are blocked and requests for access must be approved by the court.
In the vast majority of cases, a conservatorship account will not be a legal instrument
or device similar to a trust and the state specific rules for conservatorship accounts
will be applied.