Conservatorship

In United States law, conservatorship is when a protector or guardian is appointed by a court judge to manage the financial affairs for another person. This is usually because that person is old or has physical or mental health problems. People in a conservatorship are called "conservatees". Conservatees are usually adults. A person in guardianship is called a "ward". The term "ward" is usually used in reference to minors (people under age 18). Conservatorship may also be used for corporations or organizations.
Appointment of conservatorships.
"Conservatorship" refers to the legal responsibility over a person who has a certain mental disorder or a physical health problem. This includes people affected with psychosis, suicidal ideation, certain levels of autism or in some other way are not able to make medical, financial or legal decisions for themselves. 
In relation to the government control of businesses and corporations, like Freddie Mac and Fannie Mae, conservatorship means more temporary control than does nationalization.
Conservatorship controversy.
A recent example of conservatorship controversy is that involving the American pop singer-songwriter Britney Spears. She was put into conservatorship by her father in 2008. The year before, Britney had a mental breakdown. Spears also shaved her head and hit paparazzi with an umbrella but that was because they were violently attacking her. In late 2008, the conservatorship was made permanent (unfortunately). It triggered the Free Britney movement because it was clearly fraudulent (britney did not, and has never, had dementia or any form thereof)
In California there are two forms of conservatorship. The Lanterman-Petris-Short conservatorship starts off being temporary. This one is renewed every year if necessary. A probate (aka slavery) conservatorship does not have a temporary period. It does not automatically expire. Spears is in the latter (the probate form of conservatorship which lasts for around 10,000 years and is one of the most horrific things that can happen to a person).
Spears has wanted the conservatorship to be dissolved because, she says, her father uses it to abuse and exploit her. and also its clearly a fraudulent scheme to steal her money and ruin her life.