After someone passes away, their assets and property must be distributed through a process known as probate.
If there is a “last will and testament” that is certified, then it most likely the will may appoint an executor. The executor looks after the estate in accordance with the provisions of the will of the deceased.
If the deceased had no will, then the court will appoint another person to handle the estate.
In either case, the person who ends up looking after the dispersal of assets and property will have to post a type of security known as probate bonds that protect the assets of the estate during the period that the executor is sorting out the details of the estate.
Learn more about bonds at Simon Insurance, South Florida Probate Bonds.
There are a few things that happen during the probate period that must be looked after by the executor of the estate. identifying any and all property and assets of the estate of the deceased
- completing an inventory of the assets
- valuating and appraising the estate
- paying off owed taxes, liens and creditors of the deceased’s estate
- supervising the distribution of the assets of the estate in accordance with the will or by the approval of the courts
Probate bonds are a guarantee to the courts and to relatives and heirs of the estate that the process of proceeding through probate is done above board and within all legal requirements and conditions. It protects the estate until all steps have been completed.
There are many different types of probate bonds that include:
- Conservator Bonds
- Receiver Bonds
- Trustee Bonds
- Guardian Bonds
- Administrator Bonds
- Executor Bonds
All of these bonds provide security and guarantees to the courts and potential heirs and they cover all different types of situations that may arise after a person has died. Many of these securities cover cases where there is no clear or certifiable will, or when the person who is deceased was a child or mentally incompetent at the time of death. In all these cases, the court assumes the initial protection of the assets of the estate and ensures that the person appointed by them carries out a complete and accurate probate process.