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 that ensure estates are handled appropriately after individuals pass 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.”
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 surety bond is to ask the court. If a bond is required, you will not be appointed as the official executor until the required surety bond is filed with the court. Note that some wills stipulate that an executor bond is not needed.
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 named in the will. 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 probate bonds, which means we have access to the lowest available rates.
How do I get a surety bond to be an executor?
Due to the inherent risk associated with court bonds, underwriters typically verify that applicants have strong financial credentials before they agree to issue these types of bonds. Depending on the amount of coverage needed, court documents that outline the case might also be needed. If you’re ready to apply now, call 1 (800) 308-4358, and a surety expert will walk you through the application process.
What does an executor surety bond do?
These bonds help protect the estate and its beneficiaries from fraud, embezzlement, or other illicit acts. Executors wield considerable power over finances, real estate, and other significant holdings. Depending on the type of estate, an executor could be responsible for:
- inventorying and protecting the assets of the estate
- contacting beneficiaries and potential heirs
- having the estate appraised
- paying off the estate’s debt
- ensuring taxes are correctly calculated and paid
- disbursing the estate’s assets
To put it simply, having a surety bond filed with the probate court gives family members, heirs, and other stakeholders an avenue of recourse should the executor act in an improper or illegal fashion.