A conservator is a person appointed by a Virginia Circuit Court to be responsible for managing the assets, income and financial affairs of a person who the Court determines is incapable of managing their own affaires, an incapacitated person. The Conservator will take possession and control of the incapacitated person's personal property, real property, sources of income and other assets, and use these assets and resources for the benefit of the incapacitated person. 

The performance of duties by the conservator is subject to Court supervision. After entry of a Court order appointing the Conservator is entered the conservator must qualify with the Clerk of Court and obtain bond with corporate security in an amount based on the estimated value of assets that will come under the possession and control of the conservator.

The conservator must file an Inventory of the assets and income of the incapacitated person, which will identify the initial assets for the annual accountings that must be filed by the conservator regarding the beginning assets, receipts, disbursements, distributions and ending assets of each accounting during the term of the conservatorship. 

The conservatorship will continue from the date of appointment until the termination of the conservatorship upon the incapacitated person's death, restoration of competence, resignation of the conservator, or order of the Court, and the filing in a final accounting by the conservator.  

It is typical for the Court to also appoint a guardian for the incapacitated person, who will be charged with assisting the incapacitated person with arrangements for legal matters, heath care and benefits and similar needs.  While the guardian is required to file annual annual reports to the conservator and social services regarding the care and personal needs of the incapacitated person, the guardian has no obligation or authority to manage the financial affairs of the incapacitated person.