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Executor Bond Information
When a person writes a will, they often choose an executor. This is the person who will divide the deceased’s assets equally amongst those who have been remembered in the will. An executor bond is sometimes put in place within the will. It is aimed to protect any heirs of an estate following the death of another.
It is the executor’s role to collect the descendant’s property and distribute remaining assets equally amongst relatives or friends. The executor is also responsible for paying any outstanding debts owed as well as ensuring appropriate appraisals. An executor bond, acts as a guarantee that the chosen executor will perform their duties as required by law. In the event that an estate is being mismanaged, the executor bond compensates estate or assets accordingly.
An executor bond has a variety of titles and has often been compared as being similar to an insurance policy. The bond titles vary from state to state. They include, probate bond, estate bond, and fiduciary bond. Some jurisdictions have on occasions waivered an executor bond. In this scenario the executor does not require a bond.
Before a bonding or surety company issue an executor bond, the executor is required to undertake a credit check following the submission of the application. If a bonding company feel there is a breach they are obliged to refuse issuing the executor bond and the probate courts are entitled to designate another will executor. Bonding fees can be reimbursed from the assets of an estate.