Aging can be a difficult thing to watch, especially when it is a parent or another loved one. Moreover, it can prove particularly true if the loved one is also has declining physical and or mental heath. Unfortunately, many aging Americans can experience memory loss or sickness making the things they once did far more difficult. As we all know, many older Americans also suffer physical hardships as they age that can make it tough for them to care for themselves and sometime even tough for others in the household to care for them.

If the time comes and your loved one reaches a point where he or she can no longer make quality decisions for themselves, it could be time to step in and give someone else the responsibility of managing your loved one’s affairs. To do so, you may want to consider establishing either a conservatorship or a guardianship over the incapacitated party. So, just how do conservatorships and guardianships work, and which one may better suit your needs?

Conservatorship provides one or more people the authority to make health and health care related decisions for another person, while a conservatorship is a legal relationship giving one or more individuals the authority to make financial decisions on the behalf of the incompetent or incapacitated person.