PROBATE BONDS
Probate
Somewhere there is a family going through the loss of a loved one. This loved one may or may not have had a Last Will and Testament. Somewhere there is someone that is having to make the decision on how to take care of the loved one that has lost the capacity to take care of themselves and there financial well-being. Some of these people will find themselves in the court room with a Probate judge. The judge may require them to obtain a fiduciary bond or probate bond.
We are here to assist you or your client during this difficult time. We want to try and make the process of getting the required bond as easy as possible. Below are some of the common types of bonds that the courts require.
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Common court bonds
Administrator Bond
Guardianship Bond or Conservatorship Bond
Administrator Bond
An Administrator Bond is required when the judge appoints an administrator of an estate because the deceased did not have a will in place. The bond holds the administrator of the estate accountable for the settlement of the estate according to the provisions of the legal requirements of the jurisdiction. In some cases, there may be a will in place and the named executor has died, the executor may no longer be capable of serving, or they have chosen not to serve in that capacity. The judge will then appoint an administrator to carry out settlement of the estate.
Executor Bond
Guardianship Bond or Conservatorship Bond
Administrator Bond
An Executor bond ensures the estate settlement process by an executor appointed by either a court or a deceased prior to death is carried out in the appropriate manner. The executor has duties as a fiduciary that include collecting and paying debt, Paying any taxes that are applicable to the estate and making sure that the beneficiaries of the will are given what was laid out in the will.
Guardianship Bond or Conservatorship Bond
Guardianship Bond or Conservatorship Bond
Guardianship Bond or Conservatorship Bond
Conservatorship bonds required for the administration of the assets of someone who is mentally or physical incapable of managing their own assets. Guardianship Bond – requires a guardian to manage the physical care of a minor or an incompetent person. They will make healthcare decisions that do not involve money. Conservator Bond – a fiduciary will be appointed to manage the assets of the minor or incompetent person. This person may also act a guardian if they petition the court for both roles. Some states allow someone acting as to use the same bond for both. There are other states that require you to have both bonds. The court requires these bonds so the conservator will perform the duties required by the court and to replace losses if the conservator commits any misconduct.