Probate Bonds
What is a Probate Bond?
When a person passes away, that person may have left a last will and testament which appoints an executor. The executor is a person who handles the administration of a last will and testament, including all property and asset distributions in accordance with the will. The process by which a will is filed with the court is called probate. In the event that a person dies without a will, the court will appoint an administrator to oversee the distribution of the property. In either instance, the court can require a probate bond to be filed by the executor or administrator.
Probate bonds are a type of financial instrument that is frequently required when a person is appointed as the executor of an estate. The bond is a safeguard that the executor will distribute property and assets in accordance with the wishes in someone’s will, or, if there is no will, in accordance with the particular laws of the jurisdiction. Probate bonds are similar to collateral. In other words, money is put up to insure that the executor or administrator will perform his duties in good faith.
To get started, download the application below then send over to Bond Brokers once completed: