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Probate bonds, also known as estate bonds, executor bonds or fiduciary bonds, are required under the Florida court system in most estate cases. A probate bond ensures that the person or persons appointed as executors will perform their mandated duties as they allocate a deceased or disabled individual’s assets.
Similar to collateral, a probate bond is a protective measure and is backed by money to guarantee that the executor will faithfully perform their responsibilities by carrying out the wishes stated in the deceased individual’s will in regard to the distribution of property and other assets.
Normally, the executor will first pay off the outstanding debts, including taxes and administration expenses related to the probate process. The remainder is then distributed to the beneficiaries. The probate process is necessary to pass ownership of the assets to those beneficiaries.
The executor is also responsible for appraising, identifying and organizing the assets and ensuring all taxes due on the property are paid. Should the executor either intentionally or unintentionally falsify details of the estate during the probate period, the bond ensures that the court or interested parties will be reimbursed. The bond will also cover any items that have been lost, damaged or stolen.
In cases where there is an administrator instead of an executor, the bond is referred to as an administrator’s bond. Other types of probate bonds include trustee bonds, guardian bonds and conservator bonds. Trustee bonds are usually reserved for financial institutions. Guardian and conservator bonds are designed to protect minors and people who are unable to manage their own affairs due to disability, age or illness.
The requirement for filing a bond may only be waived by the court itself or upon the petition of an interested party.
Anyone with a good credit history and a clean criminal record should have no problem obtaining a probate bond. Through our specialty market, we, at Simon Insurance, can even help those with poor credit to obtain a bond.
Simon Insurance is your source for all types of surety bonds, including court and contract bonds, as well as probate bonds. Are you an executor of an estate and need a probate bond to fulfill your legal obligations? Give us a call at 561.948.4141 to request a free consultation. Whether your credit is excellent or below average, we are here to help you obtain your bond.