This bill updates New Jersey's conservatorship laws to enhance ethical conduct among conservators and provide stronger protections for conservatees and proposed conservatees. It introduces a clearer definition of "conservatee" and establishes the term "proposed conservatee" for individuals who are alleged to be unable to manage their affairs but have not yet been adjudicated. The legislation mandates that both conservatees and proposed conservatees must have legal representation throughout conservatorship proceedings, with counsel required to interview them prior to hearings. Additionally, it specifies that a conservator cannot be appointed if the proposed conservatee objects to the conservatorship.

The bill also imposes requirements for conservators to file detailed inventories and accounting statements with the court at least every six months, ensuring transparency and regular oversight of the conservatee's estate management. The court is responsible for reviewing these documents annually to ensure compliance with fiduciary duties. Furthermore, the legislation clarifies the conditions under which a conservator may be held liable for breaches of fiduciary duty, thereby modernizing the legal framework surrounding conservatorship to prioritize the rights and welfare of vulnerable individuals.