Probate bond is also is known as the Estate, Executor, and a fiduciary bond. These bonds are required to be purchased be a person responsible for distributing a person’s estate after they die. The probate bond protects the deceased’s assets. Fiduciary Bond —guarantees that individuals in a position of trust will safeguard assets belonging to others placed under their control.
For example, guardians appointed by a court who are authorized to pay expenses of the minor and administrators of estates who take care of a deceased’s assets may require fiduciary bond.
Probate bond also is known as Estate Bond, Fiduciary Bond can be issued on the same day of receiving a signed application & court documents. It is subject to credit verification.
A Probate Bond for a Deceased Person
- Administrator – Required for fiduciary handling the affairs of an individual who has passed away without a will
- Executor – Required for a fiduciary who has been designated in the will as the executor for an individual who has passed away
A Probate Bond for a Minor or Incompetent Person
- Guardianship – Required for a fiduciary who administers the estate of a ward – a minor OR an individual deemed legally incompetent. The fiduciary may also make health-related decisions for the ward
- Conservatorship – Required for a fiduciary who administers the estate of a ward. Unlike guardians, conservators are only responsible for financial decisions rather than the health and well-being of the ward.
What is a Probate and Fiduciary Bond?
A Fiduciary Bond (also known as a probate bond) is a type of court bond that guarantees that the fiduciary will execute his/her court-appointed duties according to law. A Fiduciary Bond protects against fraud, embezzlement, or dishonest acts carried out by a fiduciary
What Does a Fiduciary Bond Means?
A fiduciary bond is a legal instrument that essentially serves as insurance to protect beneficiaries, heirs and creditors when a fiduciary fails to perform honestly or competently. A court may require a fiduciary bond for any person or party that has fiduciary duty or responsibility to another