Watching a parent or another older loved one age is often difficult. This may prove particularly true if the person you care about is also experiencing a decline in his or her physical or mental health. Unfortunately, many older Americans experience memory loss or illness that can make the things they once did far more difficult. Many older Americans also suffer physical hardships as they age that can make it tough for them to care for themselves.

Once your loved one reaches a point where he or she can no longer make sound decisions for him or herself, it may 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?