When an individual cannot manage their financial affairs, a Conservator might be appointed.
A Conservator is a court-appointed fiduciary who takes care of real estate, manages bank accounts, and handles investments for an individual who can no longer manage those on his/her own.
To ensure a Conservator follows through with their duties, the court might require the Conservator to get a Conservatorship Bond.
To understand Fiduciary Bonds, it is important to understand what, or who rather, a fiduciary is.
What is Probate?
The term probate refers to a legal process that governs the distribution of a person’s assets upon their death. The probate process includes:
- Finding the will and giving it to the probate court
- Assembling all of the deceased’s property
- Having the deceased’s property appraised
- Paying any debts still owed by the deceased
- Paying estate and property taxes
- Paying for funeral arrangements
- Distributing the deceased’s property
The probate process helps an individual transfer and disperse of assets in an orderly and supervised manner. One way to think about the probate process is that it acts as ‘the script’ for how things go after an individual passes away.
Want to learn more about the probate process? Check out this post on how the probate process works.
Viatical settlements have been around since 1911, but they were rare until the late 1980’s when the AIDS epidemic peaked.
While not all states regulate viatical settlements, Montana is a state that does. In Montana, viatical settlements are allowed and remain a valuable tool for financial management for ill people.
What is a Rate Refunding Bond?
A Rate Refunding Bond is a type of surety bond used by utility companies that are planning on increasing their rates.
Most of the time, utility companies need to get approval from the public in order to increase their rates. Sometimes, it is possible for a company to increase its rates before a final decision is made. To do this, the utility company would need to purchase a Rate Refunding Bond.
After seeing a recent article titled about getting money back for a Probate Bond we wanted to clear the air.
Here’s the truth: if you purchase a Probate Bond, you do not get that money back. Here’s why.
Do you need a Judicial Bond or a Probate Bond? Both bonds protect individuals who are involved in legal proceedings, and both can be ordered by the courts.
Aside from those general similarities, Judicial and Probate Bonds are quite different. Here’s how to tell which one you need.
What is a Writ of Certiorari?
A writ of certiorari is a way to have a higher court review the outcome of a lower court’s proceedings. The word ‘certioari’ means “to be more fully informed”. In this sense, a writ of cetiorari orders a lower court to deliver its record in a case so the higher court may review it.
Often times, a writ of cetiorari is a last resort for a defendant to have his or her case reviewed when it does not qualify for an appeal.
What is Condemnation of Property?
Condemnation is the process where private property is taken for public use. Condemnation can often be confused or interchanged with the term eminent domain, but this is incorrect. Eminent domain is defined as the power of the government to take private property for public use. Eminent domain is the power; condemnation is the process.
An example of condemnation of property is when private land is bought out to make way for a new highway. The private land becomes condemned so the highway can be built.