A deceased person might leave behind a property–in legal terms, that’s called an estate. The will or testament appoints an executor to distribute property among its rightful heir. If that’s the case, the executor takes care of distribution of all assets and pays debts that the deceased person might have. Simple,right?
Things are complicated when the deceased person has not left a will or testament. It becomes very important to protect the interests of the heirs and that they get their rightful share. Since the executor of the will is not assigned,the estate appoints one. This executor must have a probate bond.
Probate bonds,also called executor bonds or fiduciary bonds,protect the deceased person’s estate from incompetence,fraud or any other negligence by the estate’s executor. The estate executor must buy the bond.
The purpose of the probate bond is to ensure that the executor distributes assets fairly amongst heirs. It gives peace of mind to the beneficiaries. If the executor misrepresents or engages in fraudulent acts, the rightful heir will be compensated through the probate bond.
Costs of a Probate Bond
Probate bonds are quite risky.That’sthereasonthey have higher prices and stricter terms and conditions.Generally, a probatebond can beobtained ataround1percent to 10 percent of the bond amount.Some of the factorsthat might affect the price include:
- The principal’s or executor’s financial credibility,
- His/her credit score,
- Bond amount, etc.
The bond amount varies from state to state. The court determines the amount of the bond.
After successful execution of the estate, the amount of the bond is returned to the executor. If the executor does not have money and resources to post the bond themselves, they must hire a professional probate bond agency.
How BondPro Can Help
BondPro is one of the leading surety bond agencies that provide probate bonds across all 50 states in the United States. Our team understands that court proceedings in probate cases might get quite complicated. We have onboard a team of probate bond agents that thoroughly understand the process and can underwrite bondsquickly and efficiently.
Over the years,we have had experience of working in court cases. This has allowed us to garner contacts andprovide the best rates to our clients.
Here’s how youproceed:
- Contact us and we will provide you with a free online probate bond quote.
- Once you fill out the application and provide us with all the details, we start the underwriting process.
- Within days, we getbackto you with the prepared probate bond and you are good to go!
Still have questions regarding probate bonds? Call us or better yet, visit our offices. We will be more than happy to help you and answer any queries you have.