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A court bond is a term that refers to several different kinds of surety bonds that are often required in court proceedings. The bond generally protects the parties involved against loss from fraud or misuse of finances.
A probate bond, also known as an executor bond, fiduciary bond or estate bond, is a type of court bond that the court system mandates for the purpose of ensuring that an appointed person (fiduciary) will properly allocate a deceased or disabled person’s assets. A probate bond is a financial instrument much like collateral. The bond guarantees that the executor will faithfully carry out his or her legal duties.
There are a number of different types of probate bonds. An administrator bond protects the administration of an estate of a deceased person who did not leave a will. A conservator bond ensures that a conservator will take responsibility for the assets of a minor or incompetent who is incapable of properly taking care of their own finances. A guardianship bond ensures a guardian will faithfully provide for the welfare of a minor or incompetent. A trustee bond is issued to a financial institution, giving it fiduciary powers to enforce the terms specified in the bond contract.
In addition to probate bonds, there are a number of other types of court bonds, including cost bonds, indemnity to sheriff bonds, plaintiff’s bonds and attachment bonds.
Obtaining a probate bond is not difficult for anyone with good credit. For those whose credit is poor, it might be necessary to secure the bond through a specialty market. Either way, we at Simon Insurance can help clients obtain their bond, whether their credit is excellent or poor.
Do you need a court bond for an upcoming court proceeding? We at Simon Insurance are here to assist you in securing it easily and quickly. We are experienced in providing not only court bonds, but contract bonds, bid bonds, payment bonds, performance bonds, license and permit bonds, as well. For a fast, free consultation and quote, just fill out the online application, or call us at 561.948.4141. Our experienced personnel will ensure you obtain the bond you need.