In New Mexico, a conservator is someone appointed by a court to protect and manage the finances of someone (called a "conservatee") who is unable to do so himself or herself as a result of illness or other disability. Thus, just as guardians make personal decisions for people unable to make such decisions for themselves, conservators are responsible for protecting conservatees’ property and using the property for the conservatees’ benefit.

The responsibilities of a conservator include:

• locating and managing the conservatee’s finances;
• making sure the conservatee's bills are paid;
• investing his or her money wisely;
• making sure that the property is safe;
• seeing that the conservatee is receiving all the income and benefits s/he is entitled to; and
• being sure that tax returns are filed on time.

There are many reasons why a conservator might be needed. For example, the conservatee may not be able to keep track of his or her money or may not remember to pay his or her bills. S/he may be giving away large amounts of money to strangers or spending large amounts of money on sweepstakes and lotteries. S/he may need help managing investments.
A conservator can be a family member or friend, or it can be a bank or other company that is in the business of managing finances for other people. In either case, the conservator is expected to act wisely and for the good of the person who needs assistance.

In this chapter we'll cover the following topics:

• Powers and Duties of a Conservator
• Relationship Between the Guardian and the Conservator
• Relationship Between the Conservator and the Trustee of a Trust
• Relationship Between the Conservator and an Agent Under a Financial Power of Attorney
• Relationship Between the Conservator and the Conservatee's Spouse
• What You Should Do After Becoming Conservator
• Real Estate
• Bank Accounts
• Safety Deposit Boxes
• Stocks and Bonds
• Cars and Other Vehicles
• Credit Cards, Charge Accounts, and Bank Cash Machine Cards
• Debts Owed the Conservatee
• Individual Retirement Accounts (IRA's) and Pension Accounts
• Social Security and Other Income Benefits
• Other Assets
• Managing the Conservatee's Estate
• Confidentiality
• Payments that Can be Made from the Conservatee's Estate
• Liability of the Conservator (What You Are Responsible for Paying and When You Can Be Sued)
• Reporting Requirements
  

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