An executor bond is also known as the probate bond, estate bond, and fiduciary bond. When someone passes away, their estate is distributed through probate. Depending on the state, the probate court may require that an executor bond be purchased to ensure that the executors perform their duties correctly.
The executor’s bond is required to protect the deceased and beneficiaries from fraud or embezzlement of the estate or assets. For instance if the executor of the will takes the inheritance and doesn’t pay the creditors, they will be able to recover these amounts from the bonding company.
Estate Bond can be issued on the same day of receiving a signed application & court documents. It is subject to credit verification.
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Executor bonds are a specific type of probate/fiduciary bond ensuring estates are handled appropriately after an individual passes away. Upon an individual's death, the estate is typically processed through a probate court to ensure his or her wishes are carried out according to the will.
What Does Executor Means?
Without bond means the executor has not been required by the court to post a bond with the court to insure that he does his job. Likely he also has been relieved of a duty to do inventories and accountings to the court
Why Does an Executor Need a Bond?
A bond acts as security that the Administrator will, if Granted Letters of Administration, comply with their obligations to administer the estate and pay the rightful beneficiaries. It is then up to those adult beneficiaries to challenge the right to the bond if they so wish.
How Much Does an Executor Bond Cost?
A bond for a $100,000 contract will typically cost $500 to $2,000. Get a free Performance Bond quote
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