After someone passes away in the State of Florida, their assets or property has to be distributed through a process known as probate. Most certified legal wills of the deceased will appoint an executor of the estate and they will look after the assets in accordance with the directions of the will of the deceased. If there is no will, then the Florida court will appoint a person to handle the estate. The person who ends up looking after the distribution of assets and property will have to post a type of security known as a probate bond. A probate bond is like an insurance policy that protects the assets of the deceased’s estate during the period that the executor is sorting out the details of the estate.
There are a few things that occur during the probate period that must be overseen by the executor of the estate. These would include:
Appraising and valuating the estate
Completing an inventory of these assets
Identifying all property and assets of the estate
Supervising the dispersal of assets of the estate in accordance with the will or by the approval of the courts
paying taxes and creditors of the estate
All property must go through the probate process in Florida before they can be distributed to the heirs of the estate. The only exceptions to this rule is for jointly owned property and assets that pass automatically to a surviving spouse without having to go through this process.
Probate bonds provide a guarantee to the courts and to relatives and heirs of the estate that the process of proceeding through probate is done above board and within all legal requirements and conditions. It protects the estate until all steps have been completed in the probate process.
There are many different types of probate bonds:
Guardian Bonds
Executor Bonds
Administrator Bonds
Conservator Bonds
Trustee Bonds
Receiver Bonds
All of these bonds provide security and guarantees to the courts and potential heirs and they cover all different types of situations that may arise after a person has died. Many of these securities cover cases where there is no clear or certifiable will, or when the person who is deceased was a child or mentally incompetent at the time of death. In all these cases, the court assumes the initial protection of the assets of the estate and ensures that the person appointed by them carries out a complete and accurate probate process.
A fiduciary is someone who has been appointed by a court to manage the assets or property of businesses and people who not able to manage these assets on their own. They are appointed by the court . The court has specific orders for the fiduciary to carry out certain activities. The fiduciary is also asked to guarantee the performance of their duties by posting a form of security or bond. If the fiduciary takes off with any assets, the bond is like an insurance policy against any wrongdoings of the court-appointed fiduciary.
Fiduciary Bonds
Here are some of the most common types of fiduciary bonds.
Executor or Trustee of Estates
Trustee of Operating Trustee (bankruptcy)
Committee or Conservator of Incompetent
The purpose of the surety bond provided by the fiduciary is not for their protection, but rather to protect the minors, heirs, incompetents, or creditors of the estate or property assets. These bonds often do not have an expiry date and may continue indefinitely until another action of the court takes place. Some of those actions include:
Sworn Affidavits by all interested parties
Distribution of Assets
Payment of Debts in the case of a bankruptcy action
Filing of a Final Accounting
A Subsequent Court Order
If you need assistance getting a fiduciary bond or any other type of license or permit bond give us a call.
Simon Insurance - Surety and Probate Bonds services Orlando.
For more than 30 years the agents at Simon Insurance Agency, Inc. and its predecessor companies have supplied probate bonds to individuals and attorneys with prompt service and competitive rates.
Contact us directly to learn more about how we can serve you.
We look forward to the opportunity to be your number one source
for probate and surety bonds in Orlando and all of Florida.
We provide all types of Probate and Court bonding, including:
• Executor Bonds
• Guardianship Bonds
• Testamentary Trustee Bonds
• Trustee for Will Bonds
We provide our clients with:
• Great rates on surety bonds
• Fast, responsive and knowledgeable service
• Access to a wide selection of surety providers
• Competitive rates on all types of surety bonds
• Assistance with surety bond needs
We look forward to the opportunity to be your number one source for probate and surety bonds.
Depending on your needs, there are a few different types of surety bonds. Simon Insurance in South Florida has years of experience servicing the needs of people and businesses that need surety, probate, court and fiduciary bonds.
Simon Insurance, located in Boca Raton, Florida deals only with the most trusted sureties, and has a proven record when it comes to delivering results.
Commercial Surety Bond - This type of bond guarantees a variety of business obligations which require surety bonds. Commercial Surety Bonds include all non-contract surety bonds, including numerous types of license and permit, as well as court bonds.
License and Permit Bonds - These types of bonds are guarantees that individuals granted a license or permit to operate a business or to exercise a privilege will meet the contractual obligations under that license or permit.
Court Bond -This type of bond will guarantee that an individual will comply with the terms as set by the court. These would include probate and fiduciary bonds.
Contract Bond - This is a bond that guarantees that a company awarded a contract will meet its obligations under that contract. Included in this group are performance bonds,bid bonds, payment bonds, supply bonds and maintenance bonds.
Need a bond? Simon Insurance serves all of Florida. Call us right now if you need a bond.
In this video, the owner of Simon Insurance, Simon Blauman, gives excellent examples of how important surety bonding can be to a consumer and a business. He also talks about the Miller Act.
If you need a surety bond, probate bond or license bond feel free to give us a call.
When calling about a bond, please specify what type of bond you may need. There are many types of bonds. Being specific will speed up the process.
-For more information on the Miller Act - Click here.
If you are in need of any type of bond such as surety bond, court bonds, license bonds or permit bonds, you came to the right place. Simon Blauman has been in the bond business for years. He’s an expert when it comes to differnent types of surety bonds, fiduciary bonds and court bonds.
All these bonds can be confusing, but Simon takes the confusion out of getting a bond.
If you are a business looking for a business bond or permit bond in Florida, you will appreciate the knowledge and swiftness for Simon Insurance.
Getting a bond is not like going to a store and buying a gallon of milk. There are forms and applications that one must fill out before getting a bond of any type.
To learn more about the importance of these bonds, Simon created a video.
If you have any questions, feel free to call Simon Insurance in Florida for all of your bonding needs.
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