Does a conservatorship form of financial counseling exist?
Third party payee agencies like what you are describing exist for disabled people collecting SSI/SSDI; the third party acts as “representative payee” and uses the client’s funds to pay for necessities, and then returns the balance. Third party programs exist for situations where there is a volatile family relationship where the disability receiver has a history of violence towards their payee, or in the reverse situation where the family has financially exploited the disability receiver. Just an FYI, should the person in question go from a state of financial instability to disability in the future.