As a conservator, you are responsible for the annual accounting of an individual’s finances. In a minor conservatorship however, there may be finances you don’t need to necessarily account for in your annual report. These kinds of finances would be in a restricted account, which the financial institution where the account exists, has control of. If a minor’s funds are in a restricted account, you will want the financial institution to provide you information on the Proof of Restricted Account form.
The Proof of Restricted Account form a is a State Court Administrative Office form. If you need this form or any other probate court form, don’t hesitate to reach out to us. We will be happy to provide you with this form, as well as any other probate court forms you may need.
Most of these State Court Administrative Office forms are associated with Michigan Court Rules and statutes. The Proof of Restricted Account is no different. The Proof of Restricted Account is associated with MCR 5.409(C)(4), which states:
(4) Exception, Conservatorship of Minor. Unless otherwise ordered by the court, no accounting is required in a minor conservatorship where the assets are restricted or in a conservatorship where no assets have been received by the conservator. If the assets are ordered to be placed in a restricted account, proof of the restricted account must be filed with the court within 28 days of the conservator’s qualification or as otherwise ordered by the court. The conservator must file with the court an annual verification of funds on deposit with a copy of the corresponding financial institution statement attached.
To help you understand this form better, Darren Findling of The Probate Pro covers everything you’ll need to know in this video.
Like Darren, we’re ready to help you understand all things related to probate. So, if you have any probate related questions, don’t hesitate to give The Probate Pro a call today at (833) PROBATE. Our legal family is ready to help you.