Surety bonds exist for a wide variety of reasons and situations, benefitting and protecting the financial and contractual well-being of a defined party.
When it comes to estate and will enforcement after an individual has passed, executor bonds serve as the defining law promising the administration and settling of such contracts.
Although laws vary by state, it is often required that an appointed executor of an estate posts a bond to ensure that all duties are carried out by them by the guidelines detailed in the estate guidelines.
Properly securing an executor for a will and estate will alleviate the stress and time it takes to settle possible estate complications in the future.
Executor Bonds: A Closer Look
Planning with an executor of an estate ahead of time will help both parties to properly execute the details of the will in a timely fashion.
Because the estate execution process after an individual passes away may take an extended amount of time if not properly planned, having important items such as documents and certificates in place will help aid the executor when the times comes.
As an executor is it important to understand what the actual role of executor entails. Consider the example below:
“Michelle Pham was never familiar with executor bonds before being appointed as her mother’s will and estate executor. After some research, Ms. Pham decided to coordinate the intricacies with her mother before she had passed to ensure the execution of her estate would run smoothly.
Pham made sure to obtain all of the necessary documents from, banks, investment firms, life insurance companies, etc. that would be central factors to closing out the estate in the future.
Although difficult, Pham also made sure to sit down with her mother, siblings and extended family to ensure the delegation of all items in the household were finalized before her mother’s passing.”
Once an executor has been approved after securing the proper executor bond is the next vital step in the estate process. If you are ready to secure an executor bond at a great rate, contact the team at Surety Bond Authority today.