An individual who was under a conservatorship has passed away. The conservator will need to do something with the assets he or she has control of and turn them over. Because of the transition of estates (going from conservatorship to a deceased estate), the personal representative will want to have the Receipt of Property from Conservator form filled out and ready to file with the court.
The Receipt of Property from Conservator is a State Court Administrative Office form. If you need this form or any other probate court forms, please reach out to us. We will be happy to provide you with this document and any other necessary probate court documents.
Most of these State Court Administrative Office forms are associated with Michigan Court Rules and statutes. This is no different. The Receipt of Property from Conservator is associated with MCL 700.3715(b), which states:
(1) Except as restricted or otherwise provided by the will or by an order in a formal proceeding, and subject to subsection (2) and to the priorities stated in section 3902, a personal representative, acting reasonably for the benefit of interested persons, may properly do any of the following:
(a) Retain property owned by the decedent pending distribution or liquidation, including property in which the personal representative is personally interested or that is otherwise improper for trust investment.
(b) Receive property from a fiduciary or another source.
(c) Perform, compromise, or refuse performance of a contract of the decedent that continues as an estate obligation, as the personal representative determines under the circumstances. If the contract is for a conveyance of land and requires the giving of warranties, the personal representative shall include in the deed or other instrument of conveyance the required warranties. The warranties are binding on the estate as though the decedent made them but do not bind the personal representative except in a fiduciary capacity. In performing an enforceable contract by the decedent to convey or lease land, the personal representative, among other possible courses of action, may do any of the following:
(i) Execute and deliver a deed of conveyance for cash payment of the amount remaining due or for the purchaser’s note for the amount remaining due secured by a mortgage on the land.
(ii) Deliver a deed in escrow with directions that the proceeds, when paid in accordance with the escrow agreement, be paid to the decedent’s successors, as designated in the escrow agreement.
In addition to this, the Receipt of Property from Conservator is pursuant to MCL 700.5426(4). 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.