Administrator Bonds

About Administrator Bonds

 

Administration and Executor bonds (also called Probate Bonds) are required of persons appointed to handle a deceased's estate.

 

These bonds generally guarantee that all the estate debts will be satisfied and that the remaining assets will be properly distributed to the appropriate heirs. The term “probate” refers to a legal process that governs the distribution of a person’s assets upon their death.

 

The probate process includes:

• Finding the will and giving it to the probate court

• Assembling all of the deceased’s property

• Having the deceased’s property appraised

• Paying any debts still owed by the deceased

• Paying estate and property taxes

• Paying for funeral arrangements

• Distributing the deceased’s property

 

Because of the complexities involved, the surety usually requires that the applicant obtain the assistance of an attorney. Bond amounts are determined by the court and Bond premiums must be paid annually until the estate is properly settled.

 

Probate Bonds range in amount, therefore they range in cost. Usually your Probate Bond amount will be based on the value of the estate, along with other factors.

Choosing an Executor

 

Most people feel comfortable leaving these responsibilities in the hands of a spouse, sibling or child. But you can also choose an attorney or professional executor. Their fees are usually deducted from the estate.

 

Whomever is chosen to be a will executor, the person must be honest, organized and communicative. He or she should also understand when to seek professional help.

 

It is also often wise to choose a will executor who has been approved by family members. Wills can bring about a lot of hurt feelings. Someone may feel left out, or be offended by the choices made. Some will want more of a say in how an estate is divided, such as a house or other assets.

 

Sadly, as property division after death is often an emotional process, some family and other personal relationships never recover from such events. That's why it's often best to choose someone who can avoid such conflict and keep everyone happy.

 

There's a lot to think about when choosing a will executor. Take your time and think things through. And if you're having trouble, speak to an experienced attorney for more directed advice.

The Probate Lawyer's Resource

 

Our commitment to sound underwriting principles enables us to provide a stable source of professional bonding services for attorneys.

 

At Bernard Fleischer & Sons Inc., we believe that the proper handling of many forms of surety bonds requires technical knowledge that can be acquired only by a concentrated study of the subject, combined with years of practical experience.

 

Attorneys have come to depend on Bernard Fleischer & Sons’ experience and unparalleled service in meeting the special bonding requirements of the legal profession such as:

 

• Administrators/Executors

• Guardian/Conservators/Committee Bonds

• Testamentary Trustees Bonds

• Receivers Bonds

• Trustee in Liquidation Bonds

• Attachment/Garnishment Bonds

• Replevin Bonds

• Injunction Bonds

• Counter-Replevin Bonds

• Appeal, Supersedeas, Stay of Execution Bonds

• Release Attachment/Discharge Garnishment Bonds

• Dissolve Injunction Bonds