Probate bonds, often interchangeably used with estate bonds and fiduciary bonds; ensure that a deceased person’s will is executed properly.
A Will Executor will purchase these bonds, which the court often mandates their purchase.
It is not uncommon for Will Executors to be inexperienced with these types of bonds. Here are the most common questions people will ask:
What are The Different Types of Probate Bonds?
Before going into the specifics of probate bonds and what they entail, it is important to understand the various types of probate bonds offered.
The most common types of probate bonds include:
These various bonds serve different purposes depending on just who exactly is required to obtain it.
Overall, the main objective of any probate bond is to protect the estate involved as well as the rules and requests that are outlined in the contract of said estate.
Who is Protected by Probate Bonds?
It is a common misconception that probate bonds protect the executor who initially obtains the bond after being appointed by the court, but this is not the case.
Probate bonds are set in place to protect the estate as well as its beneficiaries, as its sole purpose is to ensure that the distribution of the assets in the will are designated and distributed as intended.
After the death of the Judith Miller, a court-appointed executor was obligated to purchase an executor probate bond to ensure that they properly and legally carried out Ms. Miller’s final request via her will.
In many states, it is not uncommon for children and grandchildren to have the priority when it comes to obtaining the deceased family member’s belongings.
In a case of any dispute, the executor will be in charge of delegating the situation. Should the executor in this situation fail to meet the guidelines detailed in the estate, they will then be responsible to financially meet the contractual obligations set forth by the legally binding Surety bond.
How Do I Know If I Will Need A Probate Bond?
In many cases, a will often will dictate if the deceased member requires a probate bond by an executor.
If this has not been stated directly within the will itself, a probate bond may be required by a probate court, ensuring that an estate will be insured in the situation that there are any discrepancies.
At Surety Bond Authority, we understand first hand what is required when it comes to probate situations.
Contact our experienced team at 800-333-7800 for more information.