- By connect
- 0 comment
Probate bonds are surety bonds that guarantee an executor, an individual who is appointed to allocate a disabled or deceased person’s assets and property, will do so legally, properly and fairly. Other names for probate bonds include fiduciary bonds, estate bonds and executor bonds.
The probate process is used to ensure that person’s estate is properly distributed. The court appoints and monitors an executor to oversee the process of appraising, identifying, organizing and distributing all the estate’s assets. The executor is also responsible for ensuring any taxes on the property contained in the estate are paid.
Under the law, the executor is expected to maintain a high standard of excellence in carrying out his/her obligations. Of course, the executor must keep the deceased person’s assets and property totally separated from his/her own, keep factual and detailed accounting records, and provide any information about the estate that the beneficiaries might request.
A probate bond guarantees the estate’s value and ensures that the court or interested parties will be reimbursed should the executor alter the estate’s value. The bond can also cover damaged, stolen or lost items in the estate.
In order to purchase a probate bond, a person must submit to a strict credit check and other detailed screening processes before the application can be approved.
In the state of Florida, the probate period can last anywhere between three and six months. At the end of the probate process, the executor is free to redeem the bond and reclaim the deposit he/she made on it, provided all responsibilities were carried out according to the law.
If you’ve been appointed as executor of an estate and are need of a bond company in Florida to help you with obtaining a probate bond, look to Simon Insurance. Just call us at 561-948-4141 for a free quote. We serve the entire state of Florida for all types of surety bonds, including but not limited to fiduciary bonds, court bonds, and contract bonds. And remember, our word is our bond.