conservatorship

American  

[kuhn-sur-vuh-ter-ship] / kənˈsɜr və tər ʃɪp /

noun

1. the position of being a conservator, especially a person who repairs, restores, or maintains the condition of objects in a museum, library, etc..

   The program will give participants an opportunity to get a feel for the level of precision and care necessary for a career in museum conservatorship.

2. Law. an agreement or order under which one person or entity controls the personal and financial affairs of another, such as a minor or someone who is considered legally incapable of managing their own affairs.

   She's under a court-approved conservatorship that oversees every significant purchase and every key decision that she wants to make.

3. Law. an agreement whereby a business or financial entity is placed under the control of another entity, usually temporarily and often as a result of prior or impending failure.

   This week, a bipartisan coalition in the legislature is demanding that the agency’s leaders be replaced and the agency be put under an independent conservatorship.

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Etymology

Origin of conservatorship

conservator ( def. ) + -ship ( def. )

Explanation

When a judge appoints a guardian to manage another person's money, it's called a conservatorship. When a court establishes a conservatorship, it's meant to protect someone who is unable to care for themselves or make their own financial decisions. That can be because they're too young, or because they have a mental illness or a condition like dementia. A conservatorship can be an elderly person's grown child managing their finances, or a guardian assisting someone who has developmental disabilities. The Latin root of conservatorship means "keeper" or "defender."