Conservators are responsible for the finances of the Protected Person, and they are subject to oversight by the court.
The Massachusetts Probate and Family Court grants immense power to Guardians and Conservators over the health and finances of protected persons. They balance these grants of power with systematic oversight to ensure that appointed fiduciaries are acting properly.
Shortly after being appointed, Conservators must create and file an inventory and financial plan. Moving forward, they must file annual accounts that list all of the income and expenditures incurred on behalf of the protected person. It is generally good practice to Petition the court to allow these accounts every so often, in order to certify that the Conservator's actions were proper.
While Conservators have primary financial authority, if a Conservator has not been appointed, then a Guardian may have financial authority instead. In these cases, the Guardian may be responsible for inventories and accountings in the same manner as a Conservator.