Probate Bonds In Florida.
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.
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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.