Probate Surety Bonds
Probate is the process during which the terms of a will are carried out. Probate bonds are purchased by the executor of an estate, either named in the will or court-appointed, to assure to the court and the heirs and creditors of the deceased that all the terms will be carried out accurately and without negligence. Different types of Probate bonds are available to cover different situations that may arise during probate.
The amount of the bond that the executor is required to purchase is based on the value of the estate or, if the heirs are in agreement, on the amount of unsecured debts. Once the surety bond is furnished to the court, the executor can begin probate, which involves identifying the properties mentioned in the will, making an inventory of all assets and debts, valuing the estate, repaying creditors and paying unpaid taxes, and distributing the balance of the estate among the heirs. Surety bonds are issued only if the credit history of the executor is unblemished. They are issued for an indefinite period of time and generally cannot be canceled. Bonds are sometimes waived under a will. Some attorney-made wills do not need bonds. If there are no unsecured debts, the heirs may agree to waive the Probate bond.
Different types of Probate bonds are required for different types of assets or situations arising out of the terms of a will. These include Guardian bonds, Administrator bonds, Receiver bonds, Conservator bonds and Trustee bonds.
Red Fox Bonding offers Probate surety bonds, and you can easily gain access to your Bond online. Once your application has been received, a friendly Surety Bond professional will reach out to you within a couple of hours, not days. Do you have questionable credit? Again, do not worry! We have unique programs available just for these scenarios and are prepared to do whatever we can to get you Bonded.