Patrick J. Thomas Agency

Surety Bonds and Commercial Insurance
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5 Things to Consider Before Selecting a Guardian or Conservator

When a vulnerable person is unable to manage their estate and/or make certain decisions regarding their care, it becomes necessary for the court to appoint a conservator or guardian. The basic difference between conservatorship and guardianship is in the powers they are granted by the court: conservators manage the assets…

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bookkeeping conservators
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Best Accounting Practices for Conservators

As an appointed conservator, you have a fiduciary responsibility to conserve and manage the estate of a protected person. This duty includes taking charge of the financial assets and day-to-day spending. Because of these responsibilities, it is imperative for conservators to have a rudimentary understanding of basic money management and…

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scale showing difference
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The Difference Between Conservatorship and Guardianship

The fundamental difference between guardians and conservators is in the power they are given. Both protect a vulnerable person, but conservators and guardians have very different roles when it comes to managing the finances and day-to-day decisions regarding a vulnerable person. Remember that each state has different rules, guidelines, etc…

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three questions about trusts
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The 3 Things Every Trustee Should Know

Trustees manage the distribution of a trust’s assets to certain beneficiaries. Since this responsibility comes with a substantial amount of financial management, certain accounting practices become necessary to effectively manage the distribution. If you have recently become, or will become, a trustee, follow these best practices when executing your grantor’s…

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calculating a budget
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What You Need to Know About Being a Representative Payee

A representative payee, not to be confused with a personal representative, is a person or organization who is charged with using the benefits distributed to a vulnerable person to pay for his or her basic needs. Understand the Rules That Guide You There are different types of representative payees, depending…

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signing bond
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Why Surety Bonds Are Important for Conservators and Guardians

When appointing a conservator or guardian, most courts in most states will require a surety bond to be posted. Since many people aren’t familiar with how surety works, they often ask why a surety bond is necessary. Why Are Surety Bonds Required? Surety bonds act as a type of insurance…

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Everything You Need to Know About MyMn Conservator Accounting

Conservators in Minnesota must familiarize themselves with MyMNConservator (MCC), a statewide accounting program of all conservators that takes place every year. If you are part of a conservatorship in Minnesota, it is essential for you to be prepared. In order to properly file the accounting, you will be required to…

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surety bond fraud alert
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Prevent Surety Fraud by Verifying Your Bonds

When you deal with surety bonds, fraud is always a possibility. While it’s rare to come across these cases, it still something that parties should safeguard themselves against. As with any type of insurance fraud, the cases can be large or small. The types of fraudulent activities can range from…

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The Importance of Working with a Court Approved Bond Company

When it comes to obtaining court bonds, it is essential to find and work with a court-approved bond company. It may come as a surprise to many that not all surety bond companies are approved by state and federal courts. There is a general list of federally approved sureties that…

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What’s the Difference Between a Bail Bond and a Surety Bond?

Bail bonds and surety bonds are inherently different, and a person looking for a bail bond is seeking a very different outcome than someone looking for the protection that surety provides. At The Patrick J. Thomas Agency, we help businesses and attorneys acquire surety bonds that act as a special…

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