What is a Probate Bond?
A probate bond is a financial instrument that provides a guarantee that the executor of an estate will disperse property and assets as per the provisions found in a person’s will, or if no will was written, as per the specific laws of the state. The probate bond is comparable to collateral. The bond is designed to guarantee that the executor or manager carries out his responsibilities honestly. Probate bonds, also known as estate bonds, safeguard beneficiaries of an estate as they assure a fiduciary or an executor will manage the estate in accordance with the will or guidelines of the court. Other phrases used for this bond are executor bonds and fiduciary bonds; while the titles differ they will still offer the same protection.
How Much Do Probate Bonds Cost?
Pricing is determined b the bond amount. The lesser the bond the higher the cost; collateral is usually not necessary.
How Do Probate Bonds Work?
Probate bonds will be required by the court and can differ by the region or state, as probate laws differ by jurisdiction. A bond can be demanded even when the will says that no bond is required, because it is ultimately left to the judge’s discretion. If a fiduciary or executor does not manage the estate in line with the will or court requests, a claim might be submitted to the bond to guarantee that the beneficiaries receive the items specified in the will. The surety company will pay the claim initially, but will return to the fiduciary or executor for reimbursement.
What does a Probate Attorney Do?
A probate attorney handles the filing of the will of a deceased individual. Sometimes there are disputes that arise from the disposition of property. The probate lawyer is the estate or a trust lawyer. This area of law can be simple and straightforward or it can be very confusing to a lay person. The probate attorney helps the executor in administrating the estate.
This is a good time to stress the importance of having a will and making sure that is as completed as possible to ensure that your family members are not going to experience any added emotional distress after you pass away. It can be a smart thing to do for your loved ones.
Call us today for a free consultation for all types of Surety Bonds including Court Bonds, License Bonds, Probate Bonds and Permit Bonds. Simon Insurance is based in South Florida and serves clients throughout the United States and Florida including Miami, Ft Lauderdale, West Palm Beach, Tampa, St Petersburg, Cape Coral, Orlando and Jacksonville. We encourage you to browse our website and call or email us today to find out how we can assist and help you.