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Order About and for the Use of Restricted Funds
a Conservatorship is ordered, the judge will specifically state what property or
assets are restricted. Restricted means the Conservator cannot touch these assets
without further order of the court. Sometimes a Conservator needs to ask the judge
for permission to do something different than what is already allowed with restricted
If the judge has ordered you to place funds in a restricted account, you must immediately
file with the court a completed "Proof of Restricted Account" form from the bank
or financial institution. The Proof of Restricted Account shows the judge that you
have deposited the money in an account which the bank has restricted in accordance
with the judge's order.
If the Court order restricts the sale of real property, the order for the restriction
must be recorded with the county recorder's office in each county in which the estate
holds real property. This means no one can sell the property without another order
of the court.
If access to the restricted account is necessary, the Conservator may ask the court
to release some of the restricted funds. When the parents remain legally responsible
for a minor's care and welfare, the judge may be reluctant to release funds from
the account for things considered normal parental obligations such as food, clothing,
housing, utilities, education, entertainment or recreation expenses.
A petition for release of funds from a restricted account will NOT be automatically
granted. The Conservator must prove why the release and spending of the money is
necessary. If the release of funds is granted, the Conservator must file proof with
the court that the money has been spent in the way authorized by the judge. The
Conservator should keep appropriate receipts showing payment of the funds for items
approved by the judge.
The release of restricted assets to the Conservator may require an adjustment in
the amount of the Conservator's bond.