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A probate bond helps bring peace of mind to everyone involved.

Ensure financial security for beneficiaries with a probate bond.

Understanding Probate Bonds: Ensuring Proper Estate Management

What Do Probate Bonds Cover?

Probate bonds provide financial protection for beneficiaries by guaranteeing that fiduciaries manage and distribute estates and assets properly. Fiduciaries, who control another person’s estate and assets, have numerous duties during the probate process. If any of these duties are mishandled, it could result in a claim.

Probate bonds ensure the following tasks are performed lawfully and ethically:

– Filing a will
– Contacting beneficiaries
– Verifying the validity of a will
– Appraising the value of the estate and assets
– Paying debts owed by the deceased
– Locating and paying inheritances to beneficiaries

How Does a Probate Bond Work?

A probate bond involves three parties. First, the fiduciary obtains the bond to cover any failure in performing their duties. Second, the beneficiaries are protected by the bond. Lastly, the surety bond company guarantees that the fiduciary will act lawfully and ethically. This arrangement provides peace of mind for beneficiaries, ensuring that the estate and assets are properly managed and distributed.

Types of Claims Fiduciaries May Face

Fiduciaries have significant responsibilities when managing the will and estate of the deceased. For example, if a fiduciary inaccurately appraises the estate and assets, beneficiaries could file a claim. Similarly, if a beneficiary is listed but not contacted or paid their inheritance, the fiduciary has failed in their duties and could be held liable. Given the high stakes involved, having a probate bond offers beneficiaries peace of mind and protection.

What Makes Probate Bonds Unique?

Probate bonds differ from insurance in several ways. If a claim is made against the fiduciary, the surety bond company covers the costs, but the fiduciary must repay the company. Additionally, probate bonds are usually required for court-appointed fiduciaries and cannot be canceled without a court order. There are various types of probate bonds tailored to different fiduciary roles and situations, including executors, trustees, administrators, personal representatives, guardians, conservators, curators, and custodians.

Need a Probate Bond?

If you need a probate bond, contact us to discuss your situation and specific needs.

A probate bond provides peace of mind to all parties involved.

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