Prince Rogers Nelson, the legendary American singer-songwriter, multi-instrumentalist and record producer died unexpectedly on April 21st 2016. He was married twice and has no known surviving children. Prince’s sister and only full sibling Tyka Nelson filed court documents in Carver County, to open a probate case, stating that no will had been found. Prince’s five half-siblings also have a claim to his estate. As of three weeks after his death, 700 people claimed to be half-siblings or descendants!
As for Prince, it’s hard understand, why he never created a will or a full estate plan, especially given his wealth and complicated asset structures. On April 26, 2016, Bremer Trust was given temporary control of his estate without bond; this is very unusual considering the importance of having a probate bond. probate bonds, keeps everyone honest. It is designed to protect the deceased’s assets from being misappropriated or stolen by the executor. Theft is not limited to just writing checks to erroneous people, but selling property at deep discounts to friends or shady business partners or making sweetheart business arrangements with possible payoffs or kickbacks. All monies in the estate are to be used to settle the estate, pay taxes and anything left over goes to the rightful heirs, if the executor has done wrong, the bonding company will make the estate whole and then prosecute the executor.
The court can fine or remove an administrator (or executor) for failure to perform the duties faithfully. The administrator (or executor) in most cases must post a bond (paid from the decedent’s estate) to cover potential losses that the estate might suffer through error or mishandling of property during the administration process. Why the court did not require the probate bond, is a question for further investigation.
We provide different types of Surety bonds, Probate Bonds, License bonds, Fidelity bonds, Guardian Bonds , Fiduciary Bonds, and are licensed with Treasury listed companies in all 50 states. Visit us to learn more or call 1-800-921-1008 to speak with a customer service professional.
In a Civil Case when an appeal bond is required by the judge, the principle has the option of getting a surety bond or depositing cash in the amount of the bond with the court. Does it make sense to obtain a surety bond or does it make sense to deposit money with the court? And if you do deposit with the court, how long before you get your money back?
Benefits of Posting a bond:
- The benefit of posting an appeal bond is that the bonding company has options to take collateral in form of cash or brokerage account or Letter of Credit, in some incidents if your credit is strong enough, no collateral is required, these options gives you the ability to leverage your money. Of course if your credit is poor, then the collateral options are limited
- If successful in winning the appeal, the funds are returned to you very quick.
Cons of depositing money with the court:
- The courts only accept cash.
- Takes months before the paperwork is processed.
- Access to capital is lost
A client mentioned that he could not meet his financial obligations due to the fact that he had a $400,000 deposit held with the court and they are taking over 6o days to release his funds..
At BF Bond our customer service professionals can address our client’s diverse need which often requires finding creative solutions to these problems. Retrieving deposits from the courts can be a long and arduous process. When faced with a decision like this that may cost you time and money, contact us and we can help make a difficult process much easier.
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Call Jose at 800-921-1008 if you have any questions or to discuss an individual case.
In today ‘s complex society, more and more people are engaging in litigation, which creates an increased need for the various bonds required in many cases.
BFBOND.com assures prompt service, not only in providing these judicial bonds locally, but also for those which a lawyer or one of his clients may be required to file in some other part of the country. We make our bonds and services available in all parts of the nation either directly working with the clients or through thousands of independent insurance agents and brokers. And, to assure these representatives and their clients effective action when coverages are needed or losses sustained, Bernard Fleischer & Sons, Inc maintains an expertly-staffed sales, underwriting and claim office.
Since 1949, Bernard Fleischer & Sons, BFBOND.com has been one of America’s pioneer bonding companies. We work with company ‘s approved as surety on bonds required by the Federal government. Bernard Fleischer & Sons, BFBOND.com consistently occupies a front-rank position in the surety field.
Our commitment to sound under writing principles enables us to provide a stable source of expert bonding service. At Bernard Fleischer & Sons, Inc, we believe that the proper handling of many forms of surety bonds requires technical knowledge that can be acquired only by a concentrated study of the subject combined with years of practical experience in the application of such knowledge.
Attorneys have come to depend on Bernard Fleischer & Sons, Inc experience and unparalleled service in meeting the special bonding requirements of the legal profession, such as:
• Administrator’s/Executor’ sf Personal Representative’s Bonds
• Guardian/ Conservators/ Committee Bonds
• Testamentary Trustees Bonds
• Receivers Bonds
• Trustee in Liquidation Bonds
• Trustee in Reorganization Bonds
• Attachment/Garnishment Bonds
• Replevin Bonds
• Injunction Bonds
• Indemnity to Sheriff
• Counter-Replevin Bonds
• Appeal, Supersedeas, Stay of Execution Bonds
• Release Attachment/Discharge Garnishment Bonds
• Dissolve Injunction Bonds
William Fleischer, CIC
Jose Ward 800-921-1008 JW@bfbopnd.com