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Master Deferred Compensation Plan

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Petition for Leave to Sell Perishable Property by Conservator

GEORGIA PROBATE COURT

STANDARD FORM

Effective 07/11 GPCSF 15 Complete

INSTRUCTIONS

I. Specific Instructions

1. This form is to be used when filing a petition for leave to sell property which is perishable, liable to deteriorate from keeping, or expensive to keep, pursuant to O.C.G.A. §§29-3-35(a) and 29-5-35(a).

2. Under O.C.G.A. §§29-3-35(a) and 29-5-35(a), the order for sale may be granted only after such notice and opportunity for hearing, if any, as the judge deems practicable under the circumstances. Further, the sale shall be as soon as practicable and in such manner as the court determines to be in the best interest of the estate. Therefore, all notice provisions set forth in this form may be altered by the judge if necessary.

II. General Instructions

General instructions applicable to all Georgia probate court standard forms are available in each probate court.


IN THE PROBATE COURT OF COUNTY

STATE OF GEORGIA

IN RE:

MINOR/WARD

CONSERVATOR(S)

ESTATE NO.

PETITION FOR LEAVE TO SELL PERISHABLE PROPERTY

TO THE HONORABLE JUDGE OF THE PROBATE COURT:

The petition of as conservator(s) of the estate of , whose address is , shows that

1.

The following personal property:

is of perishable nature, or liable to deteriorate from keeping, or expensive to keep, and that it is in the best interest of said minor/ward that said property be sold as soon as practicable.

2.

The name(s), address(es), telephone number(s), of the guardian(s) of the minor/ward, if any, is/are:

If there are none or if the conservator(s) is/are also guardian(s) of the minor/ward, the names, addresses, telephone numbers, and relationship(s) of the heirs apparent of the minor/ward, is/are:

3.

The current address of the ward/minor is (please provide the full street address, including city, county, state and zip code):

4.

There is no relationship or connection between the conservator(s) or members of their immediate family and the purchaser(s) except as follows:

THEREFORE, petitioner(s) pray(s) for an order authorizing petitioner(s) to sell said property for the highest valid offer received using the following method and terms of sale at the following time and location:

Signature of first petitioner

Printed Name

Address

Telephone Number

Signature of second petitioner, if any

Printed Name

Address

Telephone Number

Signature of Attorney:

Typed/printed name of Attorney:

Address:

Telephone:

State Bar #

VERIFICATION

GEORGIA, COUNTY

Personally appeared before me the undersigned petitioner(s) who on oath state(s) that the facts set forth in the foregoing petition are true.

Sworn to and subscribed before me this day of , 20.

NOTARY/CLERK OF PROBATE COURT

Sworn to and subscribed before me this day of , 20.

NOTARY/CLERK OF PROBATE COURT


ORDER CONCERNING NOTICE

(To be used only if the Judge of the Probate Court determines that it is practicable under the circumstances to afford notice or a hearing prior to ruling upon the petition.)

The clerk/deputy clerk shall serve with notice of the filing of the above Petition; by at least days before the court rules upon the above petition.

SO ORDERED this day of , 20.

_____________________________________________

Probate Judge


NOTICE

(To be used only if the Judge of the Probate Court determines that it is practicable under the circumstances to afford notice or a hearing prior to ruling upon the petition.)

To:

The Petitioner(s), as conservator(s) of the estate of , minor/ward has filed a petition for leave to sell property which is perishable, liable to deteriorate in value, or expensive to keep. If you have an objection, it must be filed on or before . All objections to the petition must be in writing, setting forth the grounds of any such objections, and all pleadings/objections must be signed before a notary public or before a probate court clerk. If you are an heir-apparent of the minor/ward, filing fees must be tendered with your pleadings/objection, unless you qualify to file as an indigent party. Contact probate court personnel at the following address/telephone number for the required amount of filing fees. If any objections are filed, a hearing will be in the Probate Court of County, courtroom , Georgia (scheduled for a later date). If no objections are filed, the petition may be granted without a hearing.

__________________________________________

PROBATE JUDGE

By:

PROBATE CLERK/DEPUTY CLERK

ADDRESS

TELEPHONE NUMBER


ORDER

Upon reading and considering the foregoing Petition, and it appearing that the facts stated therein are true, and (initial one:)

a. it appearing that the provision of notice to interested parties prior to the sale is impractical,

b. notice having been served as directed by the Court,

it is ORDERED that Petitioner(s) be, and is/are hereby, granted leave to sell the said property for the highest valid offer received using the method and terms of sale described in the petition.

SO ORDERED this day of , 20.

___________________________________________

Probate Judge

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What the Master Deferred Compensation Plan Covers

A Master Deferred Compensation Plan is a formal agreement used by employers to allow selected employees to defer compensation and receive it at a later date or on specified events. It commonly governs eligibility, deferral elections, vesting schedules, distribution events, forfeiture conditions, and amendment processes. These plans are generally nonqualified and sit outside qualified retirement plans, so they are subject to distinct tax and timing rules under federal law and may trigger special reporting or withholding obligations. Accurate plan documentation helps protect employer and participant expectations and supports compliance reviews.

Why a Clear Master Deferred Compensation Plan Matters

A well-drafted Master Deferred Compensation Plan defines timing, tax treatment, and distribution mechanics to reduce disputes and tax exposure while aligning executive incentives with company goals.

Why a Clear Master Deferred Compensation Plan Matters

Who Typically Prepares and Signs This Plan

Multiple stakeholders use or complete a Master Deferred Compensation Plan depending on the employer size and governance structure.

  • Company executives and eligible employees who make deferral elections and confirm payout preferences.
  • Human resources and payroll teams that implement elections, manage withholding, and administer payments.
  • Plan administrators, external TPAs, and legal counsel who draft terms and verify tax compliance.

The plan often requires coordination among HR, tax, legal, and finance to ensure elections are timely, recorded, and enforceable.

Stepwise Process to Complete the Master Deferred Compensation Plan

Follow these steps in order to prepare, sign, and implement the plan consistently.

  • 01
    Draft: Prepare plan language and options that reflect company policy.
  • 02
    Review: Have legal and tax counsel review for 409A and withholding issues.
  • 03
    Elect: Participant submits deferral elections within stated deadlines.
  • 04
    Execute: Collect signatures, retain executed copies, and update payroll records.

Core Sections to Include in a Professional Master Deferred Compensation Plan

Ensure the document contains the primary legal and operational elements below so it functions as an enforceable, administrable plan.

Eligibility

Define eligible classes of employees, service requirements, and any exclusion rules. Clear eligibility rules prevent later disputes about participant status and plan coverage.

Deferral Elections

Specify the types of compensation that may be deferred, election windows, modification rules, and how elections are documented and communicated to payroll.

Vesting Schedule

State vesting conditions and timelines for employer-provided benefits. Precise vesting terms affect forfeiture rights and accounting treatment.

Distribution Events

List events triggering payment (separation, disability, death, specified date) and the form and timing of distributions to participants.

Forfeiture & Clawback

Explain circumstances that cause forfeiture or adjustment of benefits, including misconduct or failure to meet performance conditions.

Amendment and Termination

Outline the employer's rights to amend or terminate the plan, participant notice requirements, and treatment of outstanding deferrals.

Key Security and Compliance Safeguards to Maintain

Encryption: TLS 1.2/1.3 in transit; AES-256 at rest
Audit Trail: Timestamped event log for each signature
HIPAA BAA: BAA available where PHI is present
21 CFR Part 11: Support for FDA-regulated signature controls
Access Controls: Role-based permissions and SSO options
Certifications: SOC 2 Type II and ISO 27001 certified

Principal Penalties and Operational Risks to Avoid

409A Tax Exposure: Income inclusion and penalty (26 U.S.C. §409A)
Withholding Failures: State and federal withholding liabilities
Reporting Penalties: Information return penalties (IRC §6721)
Invalid Elections: Missed deadlines can void deferrals
Operational Errors: Payroll missteps lead to costly corrections
Contract Ambiguity: Vague terms increase litigation risk

eSignature Vendor Pricing Snapshot for Master Deferred Compensation Plan Workflows

Compare baseline pricing and common feature availability across vendors. signNow is listed first in the table per vendor order conventions.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial No No Yes, limited Yes, limited
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Technical Requirements for eSigning and Distribution

Identify integrations, supported file formats, and authentication options before digitizing plan execution.

  • Integrations: Salesforce, NetSuite, Microsoft 365, Google Workspace
  • File Formats: PDF, DOCX, HTML, Excel
  • Authentication: Email link, SMS code, or advanced KBA/2FA

Typical Electronic Signing Workflow for Master Deferred Compensation Plans

A standard e-signing sequence reduces friction and preserves an auditable trail for plan elections and execution.

  • Upload Document: Sender uploads the finalized plan document
  • Place Fields: Insert signature, date, and election fields
  • Invite Signers: Send by email or provide secure signing link
  • Complete & Archive: Signers complete signatures; system stores audit trail

Common Timing Considerations and Internal Deadlines

Establish internal deadlines for adoption, elections, updates, and payroll integration to ensure enforceable elections and correct tax handling.

Plan Adoption:

Adopt plan before the start of the effective plan year

Election Window:

Set clear cut-off dates for participant deferral elections

Payroll Setup:

Allow time to implement elections before the next payroll run

Annual Review:

Perform compliance and plan-language review annually

Distribution Notices:

Provide written distribution schedules per plan terms

Practical Tips for Accurate and Efficient Plan Completion

Adopt standardized procedures to reduce errors, accelerate approvals, and support audit readiness.

Use Consistent Templates
Maintain a single master template with version control to avoid conflicting language and simplify reviews.
Coordinate Payroll Early
Engage payroll teams during drafting so elections map cleanly to payroll systems and withholding rules.
Document Consent
Capture participant intent and consent clearly in writing or via an auditable e-signature event to satisfy legal tests.
Preserve Records
Store executed agreements with the audit trail and any supporting exhibits for the full retention period.

Representative Use Cases and Practical Examples

Real-world examples illustrate how organizations structure deferrals for different goals and constraints.

Optica Ventures

Start-up retention plan for key hires uses deferral schedules tied to funding milestones

  • Deferrals convert to cash after milestone achievement
  • Documented schedule and audit trail reduced disputes during exit events and simplified payout calculations for accounting.

Large Distribution Example

C-suite performance deferral with multi-year vesting and staggered distribution dates

  • Payments trigger at retirement or specified dates
  • Clear triggers and signed elections ensured correct tax treatment and avoided corrective distributions.

Frequently Asked Questions about Master Deferred Compensation Plans

Answers to common questions about enforceability, e-signatures, taxes, and amendments are provided to clarify routine issues.


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