With the many variations of surety bonds available, it can be easy to get them mixed up, but knowing the differences between each type of bond can help you more easily identify your specific needs. In this blog we’ll be focusing on fiduciary bonds.
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Have A Question About Probate Bonds? Call Us! 561-302-6725
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Simon Insurance Agency, Inc. is a full-service surety bonding agency, licensed in the state of Florida, specializing in probate, fiduciary and court bonds. We provide excellent service to both individuals & attorneys.
What is a Probate Bond?
Probate Bonds: Probate bonds are the same as Fiduciary Bonds, Executor Bonds and Estate Bonds. They are all mandated by the court system and provide security that the appointed person will perform in a proper manner when allocating the assets of a deceased or disabled individual.
A probate bond is a financial instrument which provides a safeguard that the executor will distribute property and assets in accordance with the wishes in someone’s will, or, if there is no will, in accordance with the particular laws of the jurisdiction. The probate bond is similar to collateral. In other words, money is put up to insure that the executor or administrator will perform his duties in good faith.
Is It Hard To Obtain a Probate Bond?
Normally, obtaining a bond for probate is not difficult, provided you have a good credit history. If you have flawed credit, your bond may need to be written through a specialty market. Our specialty probate bond markets allow for applicants with bad credit to obtain a bond.
While there are standard probate bonds, there are also other types of bonds utilized in connection with the probate of a will. Where there is an executor, the bond is referred to as a probate bond. In instances where there is an administrator, the bond is called an Administrator’s bond. Conservator bonds, Guardian bonds and Trustee bonds are also other types of bonds frequently considered as probate bonds when utilized in accordance with the probate of an estate.
How Do I Get a Probate Bond?
The process to obtain a probate bond is quick and easy. Please call our office to discuss your particular bond requirements and for a premium quote. 561-302-6725