Probate BondsIt is required by the majority of courts that an appointed guardian, trustee, administrator or executor get a probate bond before they begin fulfilling their duties. The probate bond is a court bond, meaning, of course, that it ensures the final wishes of the deceased individual are carried out in a manner that is considered ethical. This is a basically a promise of faithful performance while on duty by the executor. Probate bonds are also quite commonly known as fiduciary bonds. 
Probate is the process that follows someone’s death and the following redistribution of property and assets. Should there be a certified will, an executor will be appointed to look after the estate accordingly. In the event that there is no certified will, the court will appoint a person of their choosing to handle the affairs that come with the estate. In both cases, the individual looking after the distribution of assets and property will be asked to secure a probate bond, which protects estate’s assets during the probate period while the executor sorts out all the nuances and details of the estate. All probate bonds tend to do the same thing, though there are different names being thrown around, which depends on the duties that underlie the agreement. Some of the types of probate bonds in circulation today are: administrator bonds, trustee bonds, conservatorship bonds, estate of court bonds, personal representative bonds, receiver and guardian bonds. All of the above bonds unite in their goal of providing the necessary security and guarantees both to the court and the heirs by covering a myriad of potentially damaging situations that may come up after an individual dies. For more information on the different types of probate bonds, live chat with us below or call us at 1-800-921-1008 There are a multitude of events that need to be supervised during the probate period by the executor of the estate. These usually include paying for funeral arrangements, estate and property taxes. Assembling and distributing the deceased individual's property according to the will and having it appraised. Finding the will itself and handing it into the court. Having the deceased individual's debts paid off.
How much does a probate bond cost?The cost of the probate bond boils down to the amount of coverage that will be needed. So the bigger the estate and its underlying assets, the more buck you should be prepared to invest. The price is usually based on the total value of the estate the executor will be responsible for. Premiums tend to start at only .5%, though if you want to determine the exact costs for your specific situation, it is recommended that you resort to using our professional employees, here at Bernard Fleischer & Sons, Inc., where you will also be able to learn more on the subject of different insurance services that we offer. To learn more about probate bonds, contact us at 1-800-921-1008 or refer straight to our Bond Manager at bonds@bfbond.com.
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