Q: Wat is IAEA powers & gettin bonded mean? I'm Admn.of estate and had previously asked how can i use money frm block acct?
A:
Generally speaking only people who have not planned end up with a blocked account and without full IAEA authority. I typically see this done by pro pers and by lawyers who don't know what they are doing. There are other situations but that's a generalization by me.
IAEA means the Independent Administration of Estates Act. Without FULL IAEA authority you need to go back to court to confirm the sale of real estate. This is hugely problematic as you can lose buyers in the process. Full IAEA is crucial.
If all heirs/beneficiaries will not waive the requirement of bond (by signing the judicial council bond form) the court will require you to be bonded. This is like insurance so you don't run off with the estate.
I strongly encourage you to hire an expert probate attorney. Good luck.
Bruce Alexander Minnick agrees with this answer
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