Information on Executor Bonds
SuretyBonds.com is legally licensed to sell executor bonds in every state. For more information about your executor bond, call 1 (800) 308-4358 to speak with a surety expert.
Executor bonds are a specific type of probate/fiduciary bond ensuring estates are handled appropriately after an individual passes away. Upon an individual’s death, the estate is typically processed through a probate court to ensure his or her wishes are carried out according to the will. The party named in the will to manage the estate is referred to as the executor.
What does an executor surety bond do?
Executors hold considerable power over finances, real estate, and other significant holdings to protect the estate and its beneficiaries from fraud and illicit acts. An executor surety bond filed with the probate court gives family members, heirs, and other stakeholders an avenue of recourse if the executor acts illegally.
Depending on the type of estate, an executor may be responsible for:
- Protecting and disbursing the estate’s assets
- Contacting beneficiaries and potential heirs
- Having the estate appraised
- Ensuring taxes and debts are correctly calculated and paid
How much does a surety bond cost for executors?
Executor bond premiums vary depending on the estate’s value, the amount of bond coverage needed, and the financial credentials of the executor. The best way to determine your exact surety bond cost is to request a free surety bond quote online. The surety experts at SuretyBonds.com have years of experience issuing executor bonds, and have access to the lowest available rates.
How is the executor determined?
Executors are determined based on the preferences outlined in the will of the deceased. If the deceased did not name an executor, the probate court will appoint one. Before an individual can officially be appointed as an executor, the court might require him or her to file a surety bond with the court.
How do I know if I need an executor bond?
The best way to determine whether you need a executor bond is to ask the court. Some wills specify an executor bond is not needed. If a bond is required, you will not be appointed as the official executor until the bond is filed with the court.
How do I get a surety bond to be an executor?
Due to the inherent risk associated with court bonds, underwriters verify applicants have strong financial credentials before they agree to issue these types of bonds. Depending on the amount of coverage needed, court documents outlining the case might also be needed. To apply, call 1 (800) 308-4358, and a surety expert will walk you through the application process.