Los Angeles, CA, Feb 5, 2019 – Surety Bond Authority, Inc. recently launched its improved probate bond service aimed at making the probate surety bond process faster and simpler for fiduciaries.
“Being a fiduciary is a tough job. We want to help fiduciaries by making this part of the process easier,” Greg Rynerson, Surety Bond Authority CEO explains. “Often, we can process routine probate bonds in just one day. We’re trying to keep up with the growing focus on an immediacy that everyone expects today. In an industry where long, careful assessment is usually required, fast processing used to be unthinkable. Due to our decades of experience—and with the help of technology—we’ve created a system that makes it possible to obtain a probate bond without sacrificing accuracy and excellence,” he adds.
A probate bond is a financial tool that will ensure fiduciary accountability. The purpose of a probate bond is to make sure that the fiduciary will perform their duties in accordance with the law. The court requires a person to submit a probate bond before the said person can act as fiduciary. A probate bond will also serve as a path of recourse in case the fiduciary commits any wrongful acts. If such happens, the court can file a claim against the bond for the benefit of the person who has suffered damages.
There are different types of probate bonds that cater to the specific function of a fiduciary. Trustee Bond, for one, is a probate bond required of a fiduciary who will carry out trust provisions in a will. Administrator/Executor Bond is a probate bond for fiduciaries who will administer a deceased person’s estate. A Guardianship Bond is a type of probate bond that a fiduciary must furnish before he or she can manage an incompetent individual’s personal and financial affairs.
Aside from making the bonding process faster and easier, Surety Bond Authority, Inc. has improved its way of assessing applicants as part of its effort in helping strengthen probate programs in all 50 states. This complies with the United States Senate’s Special Committee on Aging’s commitment to improving probate programs—specifically guardianship—all over the country.
The overhaul of the guardianship process is for the protection of the people who are under the care of fiduciaries. The Committee recommends enhanced monitoring, improved collaboration, volunteer visitor programs, training, and background checks.
“We understand the need for this. There’s been significant negative talk about fiduciaries, which makes some surety bond companies wary about issuing probate bonds. But we wholeheartedly believe that many good people honestly want to help those who cannot take care of themselves or fulfill the role of a fiduciary in general. Our goal is to help those people by financially supporting them through probate bonds,” Greg Rynerson concludes.
About Surety Bond Authority, Inc.
Surety Bond Authority, Inc. is a mid-sized surety bond company located in Woodland Hills, California. Surety Bond Authority, Inc. understands that integrity and excellence matters. It has been providing surety bonds in all 50 states for more than 30 years. Some of these surety bonds are contractor bonds, license bonds, and court bonds.
